In English common law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, etc. Real property and personal property are the two main subunits of property in English Common Law.
In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where licensed agents, realtors, work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called immobilier.
Read more about Real Property: Identification of Real Property, Estates and Ownership Interests Defined, Jurisdictional Peculiarities, Economic Aspects of Real Property, Historical Background
Famous quotes containing the words real and/or property:
“All real freedom springs from necessity, for it can be gained only through the exercise of the individual will, and that will can be roused to energetic action only by the force of necessity acting upon it from the outside to spur it to effort.”
—Anna C. Brackett (1836–1911)
“In the Greek cities, it was reckoned profane, that any person should pretend a property in a work of art, which belonged to all who could behold it.”
—Ralph Waldo Emerson (1803–1882)