Distinguishing should include definitions and examples of
- land (physical and economic characteristics: immobility, indestructability, nonhomogeneity, heterohomogeneity)
- real estate
- real property.
DPOR correlation: 18VAC135-20-400. 2 (Real estate market and analysis); 18VAC135-20-400. 11 (Real property and title insurance)
Process/Skill Questions:
- What is the difference between real estate and real property?
- What are three examples of real property?
- What types of real estate exist?
- What is the difference between residential real estate and commercial real estate?