Real Estate is the land and any permanent structures which are built upon the land. The owner of the real estate has the ability to buy, sell, or improve the property as they wish, as long as they stay within the law of the country where the property is. The ability of a private citizen to legally own their own land is different from many earlier systems where the state was the ultimate owner of all property.
Residential Real Estate
Residential Real Estate is property which is intended to house people. This can include owners living on the property, or individuals who are renting the property for their own use. Houses, apartments, condominiums, and structures that have been converted for the personal use of people are all types of residential real estate.
Commercial Real Estate
Commercial Real Estate includes factories, stores, and office buildings. Commercial real estate is not intended for long term living, but for business use only. These buildings normally have people who come for a set number of hours, do their work, and then go home to relax.
The needs of industries and humans are not always able to exist side by side, and zoning laws are used to keep residential and commercial property separate. This helps to keep the unpleasant aspects of manufacturing and agriculture from intruding on a person's home life. Nobody wants to live next to an egg factory.
Mineral and Gas Rights
Mineral and Gas Rights are separate from the real estate itself. The owner of the land can maintain the right to live on the land while selling or leasing the rights to mine or extract those to another person or entity.
Real Estate Professions
The buying and selling of real estate has created an entire industry of people who assist in transferring ownership of land. Real Estate Agents assist both buyers and sellers with locating, purchasing, and selling of property. Appraisers determine the market value of a particular piece of property. Inspectors determine whether or not the property is safe to use. There are many people involved in real estate transactions.