The National Association of Realtors (NAR) is the national trade organization for the real estate industry in the United States. The NAR is the largest trade organization in North America and represents over 1.2 million members nationwide. This great organization has solid foundational beginnings. Here is one considered possibly the second most important of all.
The first paragraph of the Preamble of the 2010 Code of Ethics and Standards of Practice for National Association of Realtor Realtors states:
“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.”
Did you read the first two bold statements? Let me state it again. “Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization.” Now that’s a BOLD statement full of important meaning.
To my way of thinking and reasoning, that statement gives realtors a lot of responsibility encouraging them to participate in all aspects of community, both on the state and national level, to help assure the growth of our way of life and culture in our country.
Richard T. Ely (1854-1943), Wisconsin economics professor is commonly accepted as having made the statement, “Under all is the land,” a core tenant in preamble of the REALTORS® Code of Ethics. He is also credited with “pioneering the study of urban land markets.” (reference: Wisconsin School of Business) His approach was a strong belief in socialism. Nonetheless, his strong example motivated the real estate business to establish itself as a profession with the undergirding of a knowledge of the importance of understanding how the land is the basis for all aspects of the economy.
REALTORS® sell real estate. Real estate is land. Therefore, land is the product REALTORS® invest their time, talent, expertise, skill, education, and experience into knowing. And, since the profession was established in the 1920’s, conscientious realtors have been struggling to help others understand the importance of land and land values both to individuals, corporations, and industry.
Land owners become the decision makers by virtue of the laws of the land. United States history is based upon battles fought and wars waged to control land and its resources. Evidently the land we live on is much, much more than just the dirt under our feet. “Real Estate Fundaments, Seventh Edition,” by Wade E. Gaddy, Jr. and Robert E. Hart, with Doris Barrell, GRI, DREI as consulting editor, defines real property as: “the earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in its ownership.”
With this defining parameter, real property becomes truly the kingdom of the owner.