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Edited by RICHARD T. ELY, LL.D. Professor of Economics in the University of Wisconsin, Director of the

Institute for Research in Land Economics and Public Utilities

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PRINCIPLES OF REAL ESTATE PRACTICE

VOLUME I in the

STANDARD COURSE IN

REAL ESTATE

Outlined by the

JOINT COMMISSION

Representing
The National Association of Real Estate Boards,

The United Y. M. C. A. Schools

and

The Institute for Research in Land Economics and

Public Utilities

Practice

BY

ERNEST MCKINLEY FISHER, M.A.
ASSISTANT EXECUTIVE SECRETARY OF THE NATIONAL ASSOCIA-
TION OF REAL ESTATE BOARDS; AND RESEARCH ASSISTANT
OF THE INSTITUTE FOR RESEARCH IN LAND

ECONOMICS AND PUBLIC UTILITIES

WITH A PREFACE

BY RICHARD T. ELY

New York
THE MACMILLAN COMPANY

All rights reserved

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Set up and electrotyped. Published October, 1923.

EDITOR'S PREFACE

This volume on the Principles of Real Estate Practice begins what the present writer believes to be one of the most significant movements in education and research of the present century. This may strike the reader as a grossly exaggerated statement until he gives careful attention to that group of questions of the day which are included in the term, "land problems.” They are the most fundamental of our economic problems and yet surprisingly neglected, as seen in all those quack remedies for the evils of our present economic situation, which deal with superficial phenomena instead of going back to underlying policies. All our economic problems are not land problems; yet it is true they cannot be understood unless we discuss those concerned with the land as an economic institution. The motto of the Institute for Research in Land Economics and Public Utilities, “Under all the Land,” is therefore appropriate.

Illustrations of the significance of the branch of knowledge which is now designated as Land Economics is found in contrasting sound land policies with proposals of impossible solutions such as price fixing and governmental purchase of agricultural surpluses which would inevitably plunge the farmer and others now in distress into still deeper misfortune.

The real estate man is a broker in landed property. He is engaged in merchandising operations besides being generally an owner and builder. His operations concern a

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