Real Estate Terms & Definition

This professional app is a Real Estate Encyclopedia of terms and definitions.

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The premium version of this free app contains over 1000 definitions of terms related to Real Estate. it is a complete encyclopedia of Real Estate terms.

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DEFINITION of 'Real Estate'

Property comprised of land and the buildings on it as well as the natural resources of the land including uncultivated flora and fauna, farmed crops and livestock, water and minerals. Although media often refers to the "real estate market" from the perspective of residential living, real estate can be grouped into three broad categories based on its use: residential, commercial and industrial. Examples of residential real estate include undeveloped land, houses, condominiums and townhomes; examples of commercial real estate are office buildings, warehouses and retail store buildings; and examples of industrial real estate are factories, mines and farm

Also Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing.

Residential real estate

Major categories in North America and Europe

• Attached / multi-unit dwellings

o Apartment – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.

o Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.

o Terraced house (a. k. a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.

o Condominium – Building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. There are townhouse or rowhouse style condominiums as well.

o Cooperative (a. k. a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

• Semi-detached dwellings (in UK, a "semi" is by definition two units with a party wall).

o Duplex – Two units with one shared wall. (in UK, a duplex is an apartment on more than one storey)

• Single-family detached home

• Portable dwellings

o Mobile homes – Potentially a full-time residence which can be (might not in practice be) movable on wheels.

o Houseboats – A floating home

o Tents – Usually very temporary, with roof and walls consisting only of fabric-like material.