Real Estate and Real Estate Problems
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Abstract
AS used by economists, the term "real estate" is at the same time more comprehensive and in some respects less inclusive than the term "land." Land has been defined to include not only the solid, physical surface of the earth, but all such factors as mineral deposits, fertility of soil, natural produce, wild animal life, bodies of water, climate, and so forth, which are attributes of land. It is questionable whether or not the term "real estate," in common parlance, is extended to embrace wild animal life and climate, although these may affect the value of land. On the other hand, real estate includes all improvements of a permanent nature erected or constructed upon land, such as buildings and wharves, which are called by some economists "capital," and by others, "consumers' capital," or "instrumental capital," depending upon their nature and use.