Real Estate – What Is It?

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Real estate is real property consisting of the buildings and land on it, and its accompanying natural resources like water, crops, or minerals; immovable real estate of this kind; an equitable interest in it, buildings, houses, or the land on which it stands. In the United States real estate includes housing, structures, equipment, and fixtures (buildings and contents) owned by a person or an entity exclusively for the exclusive use and benefit of the person or entity owning and maintaining it. Real estate brokers provide assistance to buyers and sellers seeking to purchase real estate. Real estate brokers must abide by the laws and regulations of the state in which they practice.

There are two major categories of real estate that include residential real estate, commercial real estate, and industrial real estate. Within each of these categories, there are two more major categories, namely: housing and transportation. The residential real estate categories include single-family residences, duplexes, condominiums, town homes, mobile homes, manufactured homes, and single-family rental properties.

Within the commercial real estate market, the four main types of property include: office buildings, multiple-unit buildings, retail stores, shopping centers, and warehouses. Most businesses are located in vacant land, and many businesses are financed by a mortgage. Industrial real estate encompasses real estate used for manufacturing, mining, petrochemical processing, construction, and related services. Most large agricultural operations are located in the rural or suburban areas.

Within the single-family residence, the main categories include single-family homes, duplexes, condominiums, town homes, and multi-unit buildings. Single-family residences consist of apartments, homes, condos, town homes, and mobile homes. Duplexes are home communities that have two to three units inside. Condominiums or town homes are community buildings that contain multiple units, usually for rent. Multi-unit buildings consist of single-family residences and multiple-unit buildings.

Within the total population of the United States, approximately 20 million people live in a metropolitan area. The average age of people in the United States is 34 years, and half of the population is over the age of twenty. The largest cities of the United States are New York, Los Angeles, San Francisco, Chicago, Houston, Phoenix, Dallas, Atlanta, and Miami. Of these, Houston has the largest number of non-immigrants, with a median age of less than 30 years, and the largest number of singles.

As you can see, there are four main categories of real estate including single-family residential, multi-family residential, retail space, and industrial space. Permanent residents refer to those who live in the United States without settling permanently. Some of the main areas where real estate investing and real estate speculation occur include beach communities, mountain ranges, high schools, and retirement communities. In general, the main types of real estate are single-family homes, condominiums, town homes, and condos. There are also several sub-types of real estate such as agricultural land, foreclosure properties, and vacant land.