Real Estate = Land + Natural Resources + Fixtures + Improvements
The business of real estate is realty. Realty includes the services rendered by real estate agents, brokerage firms and property managers acting as agent between a buyer and seller in real estate transactions and in the leasing and management of real estate on behalf of property owners. Realty is the business of intermediating the buying and selling of real estate, the management of properties as well as real estate portfolio and investment management.