real estate

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Real Estate

Land, buildings, and things permanently attached to land and buildings. Also called realty and real property.

Real estate is the modern term for land and anything that is permanently affixed to it. Fixtures include buildings, fences, and things attached to buildings, such as plumbing, heating, and light fixtures. Property that is not affixed is regarded as Personal Property. For example, furniture and draperies are items of personal property.

The sale and lease of real estate in the United States are major economic activities and are regulated by state and federal laws. The two major types of real estate are commercial and residential real estate. Commercial real estate involves the sale and lease of property for business purposes. Residential real estate involves the sale and rental of land and houses to individuals and families for daily living.

The sale of residential property is heavily regulated. All states require real estate agents and brokers, who earn a commission from the owner of real estate for selling the property, to be licensed. To get a license, a person must have a high school diploma, be at least eighteen years old, and pass a written test on real estate principles and law.

Since the 1970s, home buyers have been given additional protection under the law. Many states and municipalities require a seller of real estate to file a truth-in-housing statement. A seller must disclose any problems with the home, such as a wet basement or the presence of termites, on the form. Failure to disclose this information can result in the revocation of the purchase agreement or a lawsuit by the buyers against the seller for Fraud. In addition, some laws require an inspector to visit the property to determine if there are any problems.

Most purchases of residential real estate require the buyer to obtain a mortgage from a bank or other lending institution. The lending institution receives a security interest on the real estate, which means that if the borrower defaults in paying back the mortgage, the institution can obtain title to the property and resell it to pay off the mortgage debt.

The federal government enacted the Real Estate Settlement Procedure Act of 1974 (RESPA) (12 U.S.C.A. § 2601 et seq.) to ensure that the buyer of residential real estate is made aware of the many costs associated with the sale. RESPA mandates that a federally insured lending institution give the buyer advance notice of all the costs to be paid on the date of closing the transactions. These costs typically include the cost of property surveys, appraisals, title searches, brokers' fees, and administrative and processing charges.

Cross-references

Sales Law.

real estate

n. land, improvements and buildings thereon, including attached items and growing things. It is virtually the same as "real property," except real property includes interests which are not physical such as a right to acquire the property in the future. (See: real property)

real estate

noun acreage, block, chattels real, estate, fee, freehold, ground, hereditament, land, landed estate, lot, parcel, plot, property, real property, realty
See also: demesne, domain, estate, fee, holding, immovable, land, parcel, premises, property, realty
References in periodicals archive ?
Las Vegas real estate listings attracted 91.73 percent of all the international traffic recorded for the state of Nevada during the third quarter, with Canada the leading source at 70.47 percent.
That is why Arkansas Business Publishing Group has partnered with a company that specializes and excels in commercial real estate listing services.
Last fall, The Real Deal announced that they will carry RLS listings on their new real estate listing website free of charge, and which is slated to launch in February 2018.
in downtown Little Rock was inadvertently omitted from the office real estate listings in the 2002 Office Retail Lease Guide that was distributed with the June 24 edition of Arkansas Business.
Real Estate and City Search as the exclusive mortgage content provider for both sites' real estate listings. Quicken Loans also recently signed a marketing alliance with Microsoft's CNBC on MSN Money.
A game-changing technology service for the real estate industry, Syndication allows salespersons and brokers to easily send residential real estate listings to a powerful network of hundreds of local, national, and international public real estate listing websites through one centralized feed.
The site, which offers free real estate listings for all types of properties such as houses, condos, ranches, farms, beachfront, and more, also spans the whole country of Nicaragua, including Managua, Leon, San Juan del Sur, Granada, and more.
And, just in time for the high season, Sotheby's International Realty Affiliates announced last month that a British Virgin Islands affiliate has joined its "network" of luxury real estate listings. Click here for more news from the hottest real estate markets across the globe.
The Great Homes site has a searchable database of more than 250,000 real estate listings located in desirable second-home destinations such as Manhattan, Napa Valley, the Hamptons, Cape Cod, Martha's Vineyard, Miami and Florida's Gulf Coast, as well as select locations in Europe.
The site offers virtual tours, property photos, homebuyer e-mail alerts, buyer and seller services and a searchable database of real estate listings nationwide.
The median list price for active real estate listings in North Las Vegas 89081 is $229,948.
"The purpose of the IDX platform, as approved and used by the National Association of Realtors since 2001, is to serve as an all-inclusive directory of real estate listings in New York City showcasing their photos and floorplan and the information for a client to evaluate the property," said Miller.

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