Real estate

Real Estate

Real Estate (pronunciation: /ˈriːl ɪˈsteɪt/), from the Latin realis meaning "real" and status meaning "state or condition", is a term used to describe property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.

Types of Real Estate

There are four types of real estate:

1. Residential Real Estate: This includes both new construction and resale homes. The most common category is single-family homes, but it also includes condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational homes, and vacation homes.

1. Commercial Real Estate: This includes shopping centers and strip malls, medical and educational buildings, hotels, and offices. Apartment buildings are often considered commercial, even though they are used for residences, because they are owned to produce income.

1. Industrial Real Estate: This includes manufacturing buildings and property, as well as warehouses. The buildings can be used for research, production, storage, and distribution of goods.

1. Vacant Land: This includes undeveloped, early development or reuse, subdivision and site assembly.

Related Terms

• Real Estate Agent: A professional who represents buyers and sellers of real estate.
• Real Estate Broker: A person who has taken education beyond the agent level as required by state laws and has passed a broker’s license exam.
• Real Estate Investment Trust (REIT): A company that owns, operates, or finances income-generating real estate.
• Mortgage: A legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property.
• Lease: A contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for a periodic payment.

See Also

• Property Law
• Real Estate Economics
• Real Estate Development
• Real Estate Appraisal
• Real Estate Trends

External links

• Medical encyclopedia article on Real estate
• Wikipedia's article - Real estate

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