What is real estate?

Real estate is land, the natural resources situated on land, the structures (building) and other improvements that come from human effort that are permanently affixed to the land as well as the interest, benefits and inherent rights associated with that land.  Real estate is a physical resource that is deployed as well as an asset in which capital is invested.  Real estate is real property and is distinguished from personal property (chattel), which is any property other than real estate and fixtures.

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.