What Is Real Estate
What is real estate?
Before delving into the meaning of real estate, lets take a look at the etymological background of the word. The term "real estate" has become a legal term for the royal grant of land tenure. The term "real estate" was first mentioned in the 1660s and has its roots in early modern English.
The word "real" comes from Latin and means existing, real, actual. The word "estate" is the English translation of the Old French "estat", which means status. It is a comprehensive version of our own property composed of real estate.
Major Types of Real Estate
- Residential Real Estate.
- Commercial Real Estate.
- Industrial Real Estate.
- Plots.
Residential Real Estate
Residential real estate is one of the highest earning real estate types and includes single family and multifamily homes, vacation homes, condominiums, townhouses, co-ops and more. Residential real estate, or homes for sale, has certain characteristics.
Commercial Real Estate
Commercial properties include restaurants, hospitals, schools, shopping malls, etc. Here are some interesting features of commercial real estate.
Industrial Real Estate
Even if industrial property is used for business purposes, it is considered another type of property. Uses of this type of property include land transactions for the production of goods.
Plots
The site is undeveloped except for walkways and other extensions. Boundaries are defined and documented, but physical adherence to them is not required. Since this type of property is mostly privately owned, the tax is paid by the property owner to the government.
