Real Estate Definition & Scope

Definition of Real Estate

Answer:

    Real Estate refers to land and its improvements and the rights to own or use them. In the real estate practice, land is considered a commodity to be bought at the lowest prices and sold at the highest. In practice, the terms land, real estate and reality are interchangeable. Real Estate refers to the physical property, technically defined as land and its attachments.

 

Scope and importance of real estate studying

Answer:

      The scope and importance of real estate studying are given below:

1.      Housing problem: Knowledge of real estate is important to solve the national housing problems. No of plots units delivered by the developer per year 4000-6000 unit

 

2.      Specialization: Real Estate is an integration of many specializations, an aggregation of disciplines resulting in a unique field of study. Real estate is the inter-relationship of marketing, economics, finance, sociology, management and law, with the use of land and buildings. Real Estate is more than breadth; it is the study of the specialized application of these disciplines to people and their use of real estate resources.   

 

3.      Real Estate knowledge: Real Estate is the study of population, mobility, age distribution, divorce, shopping, leisure, apartments, income, profit, leverage, construction, highways, legal concepts, agriculture, value, investments, taxes, land use, zoning, industry, construction materials costs, business cycles, sales, and interest rate, inflation and government regulations.

 

4.      Change factors: Most importantly, real estate is the study of house. These factor changes, how these changes affect the real estate and how changes in real estate affect every individual. Example of change factors-mobility, income, construction, material cost etc.

 

5.      Career in Real Estate: the study of real estate also provides an introduction to information that may lead to a career in real estate sales, brokerage, investments, appraisal, property management, construction, finance, banking, or land use planning.

6.      As a consequence of real estate study, you will be better able to wisely purchase or sell your own home, to plan real estate investments which take advantage of tax shelters and to understand the elements of real estate values and profits.

 

Additionally the study of real estate helps to know the factors affecting property taxation, zoning, landuse planning, environmental protection, urban redevelopment and government assisted home financing programs.