12-27-2012, 08:43 AM
Real estate is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location -- immovable. in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. The real estate industry has taken the world by storm in the last decade or so. The large amount of constant upheaval and rapid changes that this sector has seen has had a considerable bearing on the world as well as local economies.