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How Industries Change

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Submitted By klyde
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Real Estate Industry The laws of real property concern the many aspects of landownership, its use, and its conveyance. Its subjects include estates, ownership, leaseholds, contracts, mortgages, deeds, land titles, recording and more. According to J.P. Wiedemer and J. E. Goeters from their book Real Estate Investment, in real property law, an estate is an interest in land. It is the sum of property rights and/or things affixed to the land, which have a given duration of time (including infinity). An estate is concerned with the land; an ownership is concerned with people. Another definition of Real Estate, according to Dennis J. Mckenzie and Richard M. Betts from their book Essentials of real estate economics 2006 edition, is defined as land, that which is affixed to the land, that which is appurtenant to the land and that which is immovable by law. The ownership of real estate carries certain rights, known as the bundle of rights. The bundle includes the right to use, possess, exclude and dispose. These rights are not absolute; they can be legally modified by private restrictions and government regulations and laws. In short, real estate or real property is land and improvements and the rights associated with the ownership of same. One of the largest and most important investments that the average person makes is a house to live in. In past years, it was considered an acquisition of living accommodations and was expected to decline in value as it grew older and more outdated. However, in the booming 1980’s, a house was often purchased with a view to capitalizing on the growth in value. Indeed, the solid increase in value brought considerable speculation into home buying. By the early 1990s, a slowing economy and demographic changes brought home prices more in line with the average fluctuations in the economy. For proper perspective, a distinction needs to be

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