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Basics of real estate industry

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Real property—one of the two main classifications of property—is the interests, benefits and rights inherent in the ownership of real estate.

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Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.

People often use the terms land, real estate and real property interchangeably, but there are subtle distinctions. Land refers to the earth’s surface down to the center of the earth and upward to the airspace above, including the trees, minerals and water. Real estate is the land, plus any permanent man-made additions, such as houses and other buildings. Real property—one of the two main classifications of property—is the interests, benefits and rights inherent in the ownership of real estate.

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Green

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Medium