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Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property, or personalty. However, for technical purposes, some people prefer to distinguish real estate, referring to the land and fixtures themselves, from real property, referring to ownership rights over real estate. The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property .In spite of the name, real estate has no connection with the concept of reality (in other words, the law does not consider real property more "real" than personal property). It derives instead from the feudal principle that in a monarchy, all land was considered the property of the king. Thus originally the term real estate was equivalent to "royal estate", real originating from the French royale, as it was the French-speaking Normans who introduced feudalism to England and thus the English language; cognate to Spanish real.
With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:
- AppraisalReal estate appraisal answers the questions of "what is my property worth," valuation, and "what can it legally be used for," highest and best use. There are three approaches to determining the fair market value of a property—cost approach, market data ap - Professional valuation services
- BrokeragesA real estate broker operates a brokerage to assist people in transactions involving real estate. The term may refer to a business entity, or to an individual licensed to run such a business. A real estate broker is a type of real estate agent. See Also R - Assisting buyers and sellers in transactions
- DevelopmentA real estate developer builds on land, thereby increasing its value. The developer may be an individual, but is often a partnership or a corporation. Developers are extremely concerned with providing useful buildings and structures. Useless buildings hav - Improving land for use by adding or replacing buildings
- Property management - Managing a property for its owner(s)
- Relocation servicesRelocation is a process of moving people or business to a different place. Relocation services are the services focused on full relocation of families or business. Family relocation happens when a member of the family is moving to work abroad ( diplomats, - Relocating people or business to different country
Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all constructionOttawa, Canada. A crane gets ready to lower a barge into the water. This barge will be placed under any cutting work on the bridge to lessen the environmental impact. Note the concrete barricades and snow fencing in place to protect the public and workers business effectively has a connection to real estate.
See also
- List of real estate topicsThis aims to be a complete list of the articles on real estate. A Abstract of title Acknowledgment Acre A measure of land Ad valorem tax Adjustable rate mortgage (ARM) Administrator/ Administratrix Adverse possession Agency, Agent Allodial, Allodium Ameri
Real estateReal estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. Real estate is often considered synonymous with real property (also sometimes called realty , in contrast with personal property, or
