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Real estate relates to land and anything that is permanently affixed to land, like houses or buildings. Real estate is actually a legal term and Real estate law is the body of regulations and laws that pertains to matters under a jurisdiction. Real estate is usually taken in equivalent with realty (or real property), unlike personal property (or sometimes called chattel). However, some situations separate the terms. Referring to real estate as the land and the fixtures on it, while real property referring to only the ownership of the land itself. Real estate has become a major business because of the development of private property ownership. Kinds of real estate businesses include processes like appraisal which is the professional valuation services, development which is improving land for use by replacing or adding businesses and property management which is managing a property for its owners, etc. |