WHAT IS REAL ESTATE? Real estate refers to the land and any permanent structures attached to it or built on it, whether natural or man-made. It is a form of real property that includes residential, commercial, industrial, raw land, and special use. Investing in real estate includes purchasing a home, rental property, or land. Indirect investment in real estate can be made via REITs or through pooled real estate investment. The terms land, real estate, and real property are often used interchangeably, but there are 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. The physical characteristics of land include its immobility, indestructibility, and uniqueness, where each parcel of land differs geographically. Real estate encompasses the land, plus any permanent man-made additions, such as houses and other buildings. Any additions or changes to the land that affects the property’...