Explore Real Estate

What is Real Estate?

Whether for personal or professional needs, individuals and businesses often engage in the buying and selling of real estate. What is real estate? Real estate refers to any piece of land along with the structures attached to that property. In some cases, when natural resources such as minerals, oil, and natural gas are found on a piece of property, the real estate definition also includes the rights to these resources.

There are several important types of real estate regularly purchased and sold by different entities, including land, houses, office buildings, warehouses, and other forms of residential and/or commercial property. Because these properties involve the exchange of money, real estate is often referred to as an asset, or an object with monetary value. As such, real estate represents an important industry throughout the world that generates income for both purchasers and sellers. In the United States alone, the real estate industry has a value of roughly $227 billion per year.

In the real estate business, the person who helps people to buy and sell property is known as a realtor. A realtor, unlike a real estate agent or broker, is affiliated with the National Association of Realtors, a professional organization responsible for determining the qualifications of realtors. This means that realtors must adhere to a set of professional standards when serving as the intermediary between a buyer and a seller. In general, individuals must take coursework and pass an exam to become a licensed realtor. However, the specific licensing requirements depend on each state's requirements.