What is Real Estate?

Real Estate is land or real property plus man made improvements and natural additions. The man made improvements could be houses, apartments, commercial buildings, etc. The natural additions could be trees and flowers. Land is the foundation of real estate. Land is the surface of the earth.

Characteristics of land

• The amount of land is scarce, the supply is fixed.
• Land is immobile, the surface cannot be removed.
• Permanent because it is durable.
• Land value can be increased in a number of ways. 
• Land is unique by locations. 

Types of Real Estate

1. Land
2. Residential – property used for residential purposes, such as condos, single family homes and apartments.
3. Commercial – property used for businesses, such as gas stations, hotels, hospitals, c-stores, and restaurants.
4. Industrial – property used for manufacturing, distributions, and production, such as facilities and warehouse.
5. Public purposes – these properties include government buildings and churches.

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