What is Real Estate. Definition and examples

What is real estate? The real estate business is all about physical property. In other words, land, buildings, underground rights below the land, and air rights above the land. If you buy and sell property, you are in the real estate business. According to Wikipedia, real estate is property consisting of land and the buildings on it, along with its natural resources, such as crops, minerals, or water. Immovable property of this nature, an interest vested in this, also an item of real property, more generally, buildings or houses in general. People's personal property, such as clothes, boats, vehicles, tools, and furniture, are not items of real estate. Real estate is either land or property that is permanently attached to the land, such as buildings. There are five main types of real estate. Residential, commercial, industrial, special purpose, and land. Let's have a look at each category. Residential real estate is property that people live in, that is, their homes. Examples include large country villas, townhouses, apartments, condos, single family homes, and duplexes. We cannot use residential real estate for industrial or commercial purposes. Commercial real estate refers to business properties, such as shops, offices, car parks, etc. Commercial real estate investments are typically larger than those of residential real estate. However, the potential returns are often greater. Industrial real estate refers to property used for factories, that is, manufacturing and production. It also includes land used for storage, distribution, and R&D. The letters R and D stand for research and development. Special purpose real estate includes government buildings, schools, religious temples, public parks, libraries, and cemeteries. It also includes land for amusement parks, museums, oil wells, mines, railroads, and golf courses. The fifth category of real estate is called land, which includes raw or vacant land that may be purchased for future development. Land includes farms, timberland, campsites, land for hunting and fishing, or undeveloped land. Somebody who works in real estate is known as a realtor, or real estate agent in North America, and an estate agent in the UK. In the US, if you want to become a realtor, you need to take a pre-licensing course followed by an exam.