Real estate is real property consisting of the actual buildings and land on it, and its accompanying natural resources like water, rocks or plants; immovable real estate; a contract or mortgage held by the lender for the right to acquire, build or improve the real estate; or an interest in a definite structure, building, housing or real estate in general.
The term real estate includes the tangible personal property, but excludes the intangible personal property, such as goodwill, trade secrets and inventions. Real estate also includes the rights, privileges, immunities, powers, and duties associated with the ownership of real estate. In law, real estate includes real property situated on or used by the public for public purposes, including public buildings and places of public accommodation, parks and schools. Real estate also includes any land or area intended to be utilized for mining, agriculture, forestry, fishing, manufacturing, construction and other related activities.
The three main types of real estate are single-family residential real estate, multiple-unit residential real estate and commercial real estate. Within each type, there exist various different types of properties and land, which may be used for different types of properties. Single-family residential real estate deals with individual homes, condominiums and townhouses. Multiple-unit residential real estate deals with developments composed of multiple units, sometimes with shared spaces among the units.
As you can see from the above information, the real estate industry works in many ways. It has both economic and social elements that affect everyone’s lives, making it vital for everyone to become familiar with the industry and its workings if they are to keep their options open and make the most of opportunities. If you want to know more about real estate, whether you’re interested in purchasing a piece of property for investment purposes or just looking to learn more about the ins and outs of this exciting industry, it is important to get as educated as possible.