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Business - Real Estate

Real estate is the term that refers to land or any other physical property, including fixtures such as building structures, trees, fences, sewers, improvements on the property, or anything else attached or below that land.

In business, real estate is associated to the activity that involves a negotiation with properties, whether buying or selling them. For such purpose, real estate is classified into categories to differentiate the use of the land in each single case.

Real estate as a legal term is usually used as synonymous of real property, the immovable property in which rights are affixed to the land belonging to an owner.

Depending on the land use, real estate is generally classified into residential, commercial, industrial, and rural realty, and depends on common law civil law jurisdictions referring to the properties in one way or another.

As an important area in economy and business, real estate is being developed through real estate agencies, which are entitled to provide actual and future real estate owners with a number of services related to the land they want to own for any purpose.

Such services include the appraisal of properties, providing people with professional valuation services, property management, taking the administration of a property for the owners, as well as brokerage, assisting both buyers and sellers when it comes to negotiating a property.

However, the real estate activity is not limited to the above transaction, but going beyond. Real estate agencies provide relocation services helping individuals to move from their actual living or business place to another location.

Furthermore, real estate encompasses other activities that are aimed to develop or improve land and properties accordingly with their actual use, often requiring the replacement or addition of structures, and the management from the sales side of real estate joining together buyers and sellers.

The necessity of improvements in real estate has associated this activity with the construction industry, creating countless work opportunities for real estates agents and real estate brokers that receive a commission for their part in the transaction is made, after bringing together parties willing to buy and sell properties.

Real estate agents must be licensed by the state to deal in real estate and when they are members of a board associated with the National Association of Realtors, formerly known as the National Association of Real Estate Boards.

A Realtor needs to credit their affiliation to this board before using such designation and all members of this association are committed to follow a code of ethics that surpasses the average regulations that a real estate agent observes to obtain a state license.

In America, each state has a real immovable property law that rules over all the real estate activity. In a general context, this law applies similarly in Canada, Mexico, and most parts of Europe, although with slight variants in the term, such as "immobilier" in France and French speaking countries, as an example.

Another facet of real estate is closely related to the financial markets. Real estate investment is one of the most prosperous economic areas, in which every day new real estate investment trusts emerge.

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Business: Real Estate