1.3 TYPES OF REAL PROPERTY

Just as there are areas of specialization within the real estate industry, there are different types of property in which to specialize. Real estate can be classified as:

  • RESIDENTIAL – single-family or multifamily housing, in urban, suburban, or rural areas,
  • COMMERCIAL – office space, shopping centers, stores, theaters, hotels, and parking facilities,
  • INDUSTRIAL– warehouses, factories, land in industrial districts, and power plants,
  • AGRICULTURAL – farms, timberland, ranches, and orchards,
  • SPECIAL PURPOSE – churches, schools, cemeteries, and government-held lands.