On the American perception of real estate as business: revisiting the ontological project of Julian Diaz III

Abstract

ABSTRACT This paper revisits the ideas of Julian Diaz III that were expressed in his journal article titled, “Science, Engineering, and the Discipline of Real Estate” that appeared in the inaugural volume of Journal of Real Estate Literature in 1993. In this article, Julian Diaz III made a bold attempt to use ontological constructs to help define conceptual boundaries of the real estate discipline. The paper begins by reviewing Diaz III’s key conceptualizations of real estate in terms of real estate as applied science and real estate as a bundle of activities. It then proceeds to evaluate these conceptualizations and use them to develop the theory of dualism in real estate discipline. Two dualistic models are identified: the Physical Model of Real Estate and the Business Model of Real Estate. Thereafter, the paper uses this dualistic realization to repudiate the conceptualization of real estate as an appendage of engineering or business profession. Finally, the paper advocates for the conceptualization of real estate as an independent discipline.