Originally posted by rod_grant From my Commercial Principles & Practice subject in year 11 at high school (about 60 years ago) it was to differentiate between property that was permanent (real) and what could be carried around, lost, worn, etc. The law of contract placed different conditions on the disposal of the different classes of property; real property required written contracts, other stuff could be sold/given if merely evidenced in writing or even just by exchange for some value (quid pro quo).
That's impressive - we never got around to law school stuff in high school! "Permanence" must be a relative term in real estate - when I arrived in this neighbourhood there was a motorcycle shop and gas station around the corner. Then it was redeveloped to a plaza with a video store (remember those?). Now it's part of an 8-storey condo building, recently occupied. The turnover is so fast here a lot of buildings are ripped out before they have chance to look "past their best".
Here's a broader view of a building I've posted a few times here . Turns out is on the site of an airfield that operated around the time of WW1, then during WW2 it was a part of a secret military factory complex that employed 7,500 people on 65 hour per week shifts researching and making radar and optical equipment and later jet engines. After the war it became a garment factory. I thought it was about to be demolished but it turns out it is being refurbished as a self storage facility (overspill for all those little condos that are being built!).