Real estate

Real estate, term used to describe land and that which is attached to it, including buildings, trees, and underground resources, such as minerals or water. Real estate is generally sold by plots of ground (parcels), which are surveyed, sized, and registered with the particular governing agency for that area. Real estate properties for sale can be listed with agencies and sold by brokers or realtors, but often the owners of the property sell it themselves. The U.S. real estate industry employs about 1.8 million brokers; many more are involved in subsidiary businesses such as construction, financing (mortgage lending), appraising, and property management. In all 50 states, real estate agents must pass tests and be licensed before they can legally sell properties.

See also: Property.