This is the physical land and appurtenances including structures affixed thereto (Boyce, 1984). Real Estate may also be viewed as the land or land and buildings. It is that object, (in this case land or building(s)) which forms the subject matter of property. A real estate is a tangible asset which can be described in terms of shape, size and location. Conser (1986) defined it as land and all things permanently attached to it, such as the trees, buildings upon it and any minerals such as coal, iron, or stone beneath the surface.
As earlier said (under definition of real property), real estate and real property are interchangeably being used by appraisers. As such, Ratcliffe & Stubbs (1996) were quick to point out that “real estate” embraces a wide range of concepts, uses and concerns. A sense of land and property recognizes the diverse physical, legal, economic and cultural characteristics which can exist in different geographical locations and within alternative political systems. Real estate therefore includes the interests, benefits and rights inherent in the ownership of land and buildings. It is thus viewed as a bundle of rights “whereby each stick in the bundle represents a distinct and separate right to use real estate, to sell it, to lease it, to enter it or to give it away. These rights may be held separately or collectively. To varying degrees, they are also subject to powers of government and planning control. However from the point of view of Ifediora (1993), real estate could be viewed as land and all things of a permanent and substantial nature affixed thereto, whether by nature or by the hand of man. By nature, he referred to trees, products of the land, natural resources; while by the hand of man, he meant buildings, structures, fences, bridges, which the owner erects on land. He also pictured immobility and tangibility as the chief characteristics of land or real estate.
Real estate could also be referred to as chattel real. Chattel according to Weinstein, in law, is a term used broadly to denote property. It is defined generally as including all types of property except real estate especially freehold in land. It is more comprehensive than goods for it includes animate property (e.g. cattle, slaves) as well as inanimate property (such as leasehold, furniture). Also chattel could be sub-divided into personal and real chattels and it is in the latter that real estate comes in. real chattels are property interests that arise as result of, or are dependent on, real estate such as leases.
References
Boyce, B.N. (1984). Real estate appraisal terminologies. USA: Ballinger Publishing Co.
Ifediora, G.S.A. (1993). Appraisal framework. Enugu, Nigeria: Iwuba Ifediora & Associates.
Olusegun, K. (2003). Principles and practice of property valuation (Vol. 1: General principles). Lagos: Climax Communications.
Ratcliffe, J. & Stubbs, M. (1996). Urban planning and real estate development. London: UCL Press.
The Encyclopedia Britannica. (1981, vol. 2). USA: The University of Chicago.
Weinstein, P. D. (1987). Chattel: Encyclopaedia Americana 9vol. 6). USA: Grolier Inc.
