Residential structures around the world very in construction techniques. They also vary in time.
Post-mid evil house construction in Europe centered around a method known as "Post & Beam" construction. Basically the structure is a series of large posts for vertical (walls) elements and beams for horizontal elements (floors, ceilings). The large posts carry the weight of successive floors, roofs and ceilings. The spaces in between these large elements were filled in with "curtain walls" that are non-load bearing.
North America and Australia have historically used a framing convention known as "Light framing". In light framing, instead of using large posts to carry loads, smaller, lighter "shear walls" are used to carry them. A shear wall normally is a light frame of studs that is then sheathed in a thin plywood or OSB. This sheathing gives it rigidity from coming out of square and able to support vertical loads.
Anyhow my house is a combination of these methods. While most of the house is "light framed" the crawlspace is beam construction. And because some hoser let their plumbing leak for many many years, a 6 1/2" square beam rotted out. This beam carries a wall that carries the second floor that carries a wall that carries the roof. It might be the most load bearing beam in the house.
Okay to the updates.
-My awesome friend Tim helped me dismantle the 2nd chimney without incident.
-My awesome friends Andrew and Jessica helped me build a temporary wall and remove before-mentioned wall and beam.
-My awesome friend Bob helped my level the structure with a laser over the course of 2 days. The whole structure is now within 3/8ths of an inch level. (note the porch is tearing itself away from the house because of how much we raised it!)
-My awesome friends Bob and Tom helped me re-frame before mentioned beam and wall
...cleaned out the crawl space (found a dead dog), started demo on the rear of the house, got my bank loan all in line, got temporary water on and did a little dusting...