Real estate refers to land consisting of the actual buildings and land on it, and its accompanying natural resources like water, plants or minerals, immovable property of that sort and an equitable interest in it, the equitable right to occupy the land. Property can include personal real estate and immovable property. Real estate also includes: land that has been mortgaged, secured by a lien, or held as secured by a mortgage or legal title. The legal title to real estate generally passes from one person to another, whether the owner of real estate is a person or an institution.
It is important to remember that real property can be purchased in two ways. (a) Permanent fixtures are buildings and any other fixtures that connect the land with its permanent resources. (b) Immovable fixtures are homes, businesses, public structures, and attachments that attach to the land. Real property is the collective term for all permanent fixtures and immovable assets of real estate. Real estate also includes improvements that create a direct connection between the land’s resources and the land’s price. There are several types of improvements:
Land Improvements: Any changes that affect real property’s value must be reported to the county recorder. Examples of changes that must be declared include: a road improvement that increases the current value of the property, a building or structure that adds a new building to the property, or a change in the use or access to a publicly owned resource, such as a swimming pool or tennis court. Public improvements include sewer lines, bridges, parks, schools, roads, sidewalks, bike paths, etc.
Institutional improvements refers to any additions to or modifications of real estate that increase the property’s value. An example of such an addition would be improvements to sewer systems, streets, public utilities, etc. Another example of an added value is a building constructed for energy efficiency purposes. In terms of the quality of life improvements to real estate, these include improvements to the community and living conditions for the people who live in it as well as improvements to the land itself.
The economic characteristics of real estate do not just stop at improvements to the land or improvements to the community. They also include real estate taxes. These taxes are based on both the land’s value and the improvements it has received. These taxes are collected by the county and are used primarily for essential and unavoidable expenses, such as roads and sewer systems. Without these essential services, communities would not be able operate properly or provide adequate care to their residents. Therefore, real estate taxes are needed by all municipalities and counties.
Property managers must have knowledge in all of these areas to be successful within the real estate industry. This group must be able to analyze the real estate market in a particular community and determine how it can be managed best. For this reason, many people choose to become property managers, with the understanding that this type of position requires an in depth knowledge of the real estate market and current practices that take place there. Property managers are often responsible for overseeing large opportunities for property investment. They are responsible for managing the day to day operations of many properties and ensuring that they remain profitable for their investors.