ZIP codes

ZIP codes (Zone Improvement Plan) were introduced in 1963 by the U.S. Postal service in order to speed up mail delivery. In addition to mail delivery, ZIP codes are commonly used to delineate neighborhoods, wealth and status. Beverly Hills, 90210 is considered the most famous ZIP code in the U.S.
More Real Estate

Renovations

According to Consumer Reports, renovations that add square footage to a house are the most likely to add value, but only if the resulting home's square footage is in line with the neighborhood. Kitchen and bathroom remodeling, long considered the most profitable improvements, recover only 50 to 75 percent at sale, but only if the home is sold within a year after the remodeling is complete.
More Real Estate

Eminent domain

Eminent domain is the government's right to condemn private land for public use, such as the routing of a public highway. The law of eminent domain derives from the so-called "Takings Clause" of the Fifth Amendment. The Supreme Court recently ruled in favor of local governments' ability to use eminent domain for "non-traditional" public uses such as economic development projects.
More Real Estate

Overpriced cities

According to Forbes magazine, Seattle, New York and San Francisco have earned the recent distinction of being the most overpriced cities in the U.S. The results were based on rankings for job growth, income growth, cost of living (housing, utilities, transportation and other expenditures), and housing affordability.
More Real Estate

Marshall Field

"Buying real estate is not only the best way, the quickest way, but the only way to become wealthy." - Marshall Field.
More Real Estate

Home square footage measurements

The American National Standards Institute (ANSI) has adopted two home square footage measurements. The base floor area measures the exterior dimensions of the building at each floor level, and includes all interior walls and voids. The finished area measures the enclosed area in a house suitable for year-round use, embodying walls, floors, and ceilings that are similar to the rest of the house.
More Real Estate

Urban planning

Urban planning is the process of developing long- and short-term plans for land use and community growth. Urban planners work in state or federal agencies dealing with housing, transportation, or environmental protection. They also work with local governments to promote the best use of land and resources for residential, commercial, institutional, and recreational purposes.
More Real Estate

The Women's Council of Realtors

The Women's Council of Realtors (WRC) was established at the National Association of Real Estate Boards annual convention in November 1938. WRC's mission is to serve its members as a community of real estate professionals by creating business opportunities and developing skills for the future. WRC has 260 nationwide chapters and 14,000 members.
More Real Estate

Americans move more often

Americans move more often than any other culture. The average American will reportedly move five to seven time during their lifetime. This equates to moving about every four years. Factors explaining this high rate include shifts in the economy, changing lifestyles, less formations of traditional families, and relatively high divorce rates.
More Real Estate

Real Estate Websites

According to recent Nielsen/NetRatings website traffic data, there were seven real estate websites that received at least a million unique visitors during a one month period. The sites are Realtor.com, HomeGain.com, AOL Real Estate, RealtyTrac.com, Rent.com, Yahoo Real Estate, and Century21.com.
More Real Estate

Real estate agents and brokers

Real estate agents and brokers are regulated by each U.S. state. Real estate agents must complete a required number of classes and pass an agent's exam. Real estate brokers must take additional classes and have a specified amount of real estate experience. A real estate broker has the privilege of opening and running a real estate office.
More Real Estate

Orange County

James Irvine established his 185 square mile southern California ranch in 1864, covering a third of what today is Orange County. The Irvine Company developed parts of the former ranch into the planned communities of Irvine, Tustin, and Newport Beach along with several commercial areas. They also donated a portion for the University of California Irvine campus.
More Real Estate

The Louisiana Territory

On April 30, 1803, the U.S. purchased from France the Louisiana Territory comprised of more than 800,000 square miles of land extending from the Mississippi River to the Rocky Mountains. Napoleon Bonaparte offered to sell the Louisiana Territory to the U.S. in order to raise funds for a renewed war with Great Britain. The price was about $15 million.
More Real Estate

Second Life

"Second Life" is an online game where players build and own a virtual 3-D world while interacting with others players. A key feature of the game is the ability to buy and sell virtual real estate with real-world market conditions such as real estate taxes. The game has grown to nearly 100,000 worldwide players since its debut in 2003.
More Real Estate

Commissions

A commission is a fee paid to a real estate agent or broker as compensation for finding a buyer and completing a real estate sale. The usual and customary commission for a home sale is six to seven percent. For land, the commission is usually ten percent.
More Real Estate

Estate-based land ownership

Estate-based land ownership dates back to medieval England. The Norman conquest of England in 1066 established the feudal system with the King as the sole landowner. Over the centuries, land was granted to lords and subdivided among tenants in return for goods and services. In 1290, tenants were given the right to sell their land. A variety of land estate ownership classes ensued over the centuries.
More Real Estate

Buchanan v. Warley

The 1917 Supreme Court case of Buchanan v. Warley held Louisville, Kentucky's Jim Crow era residential segregation ordinance in conflict with the Fourteenth Amendment of the U.S. Constitution. The ordinance required separate residential blocks by race to preserve public peace and welfare. The court's decision was the beginning of the end of Jim Crow laws enacted after Civil War reconstruction ended.
More Real Estate

HGTV

The HGTV cable channel broadcast its first programs to 44 cable markets in December 1994. HGTV produces TV shows and publishes web content devoted to all things related to the home - design, decorating, gardening, style, landscaping, and more. HGTV is one of the fastest-growing networks in cable television history.
More Real Estate

Wallpaper

Flemish craftsmen introduced the use of wallpaper into England in the 15th century as a cheap substitute for tapestry. The modern use of wallpaper was revolutionized in the 1940s with the advent of plastic resins, which offered stain resistance, wash ability and durability. Wallpaper resurged as “wall coverings” with improved quality, colors, and materials, as well as ease of handling.
More Real Estate

The first property tax

The Massachusetts Bay Colony levied the first property tax in the colonial U.S. in 1634. Local administrators arbitrarily assessed colony property owners in order to raise revenue for local governments. The colony imposed a tax directly on estate property including buildings, livestock, and other enumerated personal property items.
More Real Estate

A new roof

A new roof on a typical home will cost from $5,000 to $10,000 and have an average life span of about twelve to fifteen years. The key to a roof's longevity is adequate ventilation to reduce moisture and extreme temperatures. Paying a few hundred dollars extra for additional ventilation when a new roof is installed is considered money well spent.
More Real Estate

Home foreclosures

The four Sunbelt states of Nevada, California, Florida and Arizona led all the U.S. states in the rate of home foreclosures as of 2008. The rankings were compiled by RealtyTrac, highlighting the worst housing market recorded in the U.S. since the late 1970s. Experts attribute the foreclosure spike to rapid home appreciation that boosted home prices beyond affordability.
More Real Estate

Cost to relocate

According to recent data published by the Worldwide Employee Relocation Council, the average cost to relocate a home owning employee is $70,771. The average cost to relocate a home owning new hire is $52,109. The average cost to relocate a renting employee and renting new hire is $19,129 and $14,008 respectively.
More Real Estate

Single-family home cost

In the case of a typical new single-family residential subdivision, the developers cost breakdown of the project goes as follows: 33% for the raw land or site development costs, 33% for construction and development costs, and 34% for profit to the developer.
More Real Estate

Negative amortization

Negative amortization occurs when a monthly mortgage payment does not cover all of the loan interest cost. The interest cost that is not covered is added to the unpaid principal balance, effectively increasing the amount of the loan. Negative amortization is used to reduce the mortgage payment at the beginning of the loan contract.
More Real Estate

Property tax assessment

Methods for real estate property tax assessment differ by state and municipality. Generally, homeowners can expect to pay 1% to 3% of the home's market value in annual property taxes. For example, a home assessed at $150,000 would generate a yearly property tax bill of between $1,500 and $4,500.
More Real Estate

Drywall

Up until the late 1940s, interior walls in homes were constructed of several layers of plaster over wooden strips of lath. Drywall was invented in 1916 but was not widely used until World War II, with the urgent need for quick construction of military structures. Once acclimated to drywall, post-war builders gave up on the expensive, time-consuming methods of plastered walls.
More Real Estate

Reverse mortgage

A reverse mortgage is a special type of mortgage available to homeowners who have paid off their mortgage or have a small balance. This mortgage allows borrowers to make tax free withdrawals against home equity as long they live. Money can be withdrawn monthly, as a lump sum, or as a line of credit. Repayment is not necessary until the borrower sells the property.
More Real Estate

Nothing Down

"Nothing Down" by Robert G. Allen, is reportedly the best selling book on the subject of real estate. The book details techniques and strategies to work the real estate process, obtain properties, and make money, with little or no money down. Millions of copies have been sold since its original 1980 release.
More Real Estate

The Truth in Lending Act

The Truth in Lending Act of 1968 is a federal law designed to protect consumers in credit transactions. Among the law's stipulations, Regulation Z requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction.
More Real Estate

CLUE

A Comprehensive Loss Underwriting Exchange (CLUE) report checks claim history for a homeowner or property. Traditionally used by insurers, CLUE reports are playing an increasingly important role in real estate transactions. Many buyers now ask for a CLUE report with the real estate sales contract and some states are considering making this a requirement for all real estate transactions.
More Real Estate