Types of Real Estate

• Residential Property: In real estate brokerage terminology, owner-occupied housing; in income taxation terminology, rental units used for dwelling purposes, not of a transient (hotel, motel) nature. To qualify as residential, at least 80% of a building's income should be derived from dwelling units.
• Condominium: A form of property ownership in multi-unit structures; can be residential, industrial or commercial. Each unit is owned individually and all common areas (sidewalks, hallways, stairs, pools, etc.) are owned in undivided interest ownership with all unit owners having an equal share.
• Commercial Property: Property designed for use by retail, wholesale, office, hotel/motel, or service users.
• Industrial Property: Property used for industrial purposes, such as factories, industrial yards, or developmental parks.
• Vacant Land: Land not currently being used; may have utilities and off-site improvements. Contrast with raw land.
• Mobile Home: A dwelling unit manufactured in a factory and designed to be transported to a site and semi-permanently attached.
• Time-Share: A form of property ownership under which a property is held by a number of people, each with the right of possession for a specified time interval. Time-sharing is most commonly applied to resort and vacation properties.