====== Real Estate ======

**Real estate** is **land** and anything **permanently attached to the land**, including natural and man-made improvements.

===== Key Characteristics =====
  * Includes **land**, **improvements**, and **appurtenances**
  * Is **immovable**
  * Considered **real property** when combined with ownership rights
  * Distinguished from **[[personal property]]**

===== Components of Real Estate =====
  * **Land**
    * Surface, subsurface, and airspace
    * Natural attachments (trees, minerals, water)

  * **Improvements**
    * Man-made additions such as buildings, fences, roads

  * **Appurtenances**
    * Rights that run with the land
    * Examples: easements, water rights

===== Real Estate vs Real Property =====
  * **Real Estate**
    * Physical land and attachments

  * **Real Property**
    * Real estate **plus** the **bundle of legal rights**

===== The Bundle of Rights =====
  * Possession
  * Control
  * Enjoyment
  * Exclusion
  * Disposition

===== Exam Tip =====
  * Real estate is **physical**
  * Real property includes **ownership rights**