The word “Real” in the term Real Estate is not as real as it may seem to be. The word is not in any way similar to the “real” in terms such as “real McCoy,” “get real,” and “reality television.”
The real thing is that the term Real Estate originally means Royal Estate, a term which is a cross between the French word royale and the Latin status. The word “royal” refers to the head of state whereas the “state” owns the land over which it reigns.
In the Philippines, all real estate is owned by the Philippine government which explains why citizens who own real properties should pay Real Property taxes.
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