Evening star., 1936-12-19
REALTORS LAY OUT
FOUNDAT|0NPLANS.
Proposed Permanent Unit to
Aid Understanding of
Real Estate.

With an interim board Of trustees
already chosen. formative plans are
being worked out for the National
Real Estate Foundation, proposed per-
mament national agency to be set up
for advancement of understanding of
real estate and the factors affecting
its use, and for the development of an
adequate technical education in the
various specialized fields of real estate
practice
Detailed plans for the proposed
foundation, first steps for the estab-
lishment of which were taken at the
recent annual convention of the Ma
tional Association of Real Estate
Boards, by action of its board of direc-
tors, and formation of which was
favored by action of the general con-
vention body, are expected to be
brought before the directors of the
association at their meeting in St.
Louis. January %, which meeting will
be held in connection with the South
Central Regional Convention of Real
tors. January % and 80
IIS 10 81
It may be able to carry on unbiased
research in real estate economics and
foster the best development of real
estate education over the country. 1t
is expected to cooperate with univer-
sites and colleges of the country, some
70 of which list real estate courses this
year. Asking active support for this
70 rtoH
Rose. Orlando, Fla, president of the
association. points out the great need
TO be served in the urban real estate
development of the period ahead of us
by a strong research agency set up
so as to be able to dig into real estate
problems in a practical way and on a
Nation wide basis
Board Self -perpetuating.
Direction of the foundation would
be under a self-perpetuating board of
trustees, to be eventually rs in number,
II of the Is to be realtors.
An interim board of seven directors,
authorized to carry forward the forma-
ton of the foundation, has been
named by the directors of the asSocia-
ton as follows: Walter S. Schmidt,
Cincinnati, Ohio: j. C. Nichols. Kan
sas City. Mo: Alfred H. Wagg, Palm
Beach, Fla; Charles G. Edwards, New
York, N. Y; William May Garland,
Los Angeles, Calf; Maurice F. Reidy.
Worcester. Mass, and Kenneth E.
Rice. Chicago, Ill.
Banking is represented on this board
by Charles G. Edwards. past president
of the association. president of the
Central Savings Bank of New York.
Title companies are represented by
Kenneth E Rice, vice president OF the
Chicago Title g. Trust Co.
Walter S. Schmidt. as chairman Of
the associations Committee on Educa-
ton and chairman Of the Interim
Board of the foundation. points out
that the physical status of real estate
in our cities and towns is not known.
This major segment of our national
wealth should be completely cata-
logued." Mr.. Schmidt says. There Is
much talk of slum clearance. What
exists in America in the way of slums?
How many residential buildings are
fit only for destruction; how many can
be salvaged? What would it cost to
provide each family with decent quar-
ters? How many improved and serv-
iced vacant lots are there? NOBODY
knows. What do We possess in the way
of modern manufacturing plants?
What are obsolete? Any answer Is
guess. How much of our financing Is
I,ou
private investors? Figures quoted are
but wild hazards. The actual status OF
real estate never has been determined
and such partial studies as have been
made. valuable as they are, yet lose
much of that value because they are
partial and in addition rarely nave
been kept current.
Objectives Are Listed.
so it is proposed to establish the
National Real Estate Foundation, de-
signed to provide an authoritative.
practical-minded agency, capable OF
pointing problems, and constituting
central force for promoting plans Tor.
and correlating the means OF, their
solution. Its objectives are these:
al. To study and give Interpretation
to trends of real estate and to seek
their orientation to the changing eco
nonic, social and civic needs of the
people.
20. To study principles and methods
through which private enterprise may
most effectively function in developing
and improving all classes OF real
estate. including the problem Of ad-
justing of housing costs to income
levels.
"3.-To study the relationship which