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Asked by: Ebtisam Beltsev
business and finance real estate industryWhat is real estate and how does it work?
Real estate is the property comprising of the land, the buildings on it, along with its natural sources such as plants, minerals or water. It also encompass the work of real estate; the livelihood of buying, selling, or leasing property, buildings or housing.”
Similarly, how does real estate business work?
The real estate industry works because the value of real estate tends to rise. As a result, people are able to make a profit by buying and selling real estate. Agent and brokers capture a portion of this profit by selling a service to those engaged in a real estate transaction.
Keeping this in view, how would you describe the real estate industry?
Types of Real Estate
- Residential real estate includes undeveloped land, houses, condominiums, and townhouses.
- Commercial real estate includes nonresidential structures such as office buildings, warehouses, and retail buildings.
- Industrial real estate includes factories, business parks, mines, and farms.
In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).