On Lake Martin, Realty and Real Estate are the 2 most common industry terms you will see in company names. These terms are interchangeable and mean the same thing. Real Estate Agent and REALTOR® are other commonly used industry terms, but do not mean the same thing. Company names, real estate agents, realty, discussion of property type, what is the difference?
Realty
Realty is defined as real estate or real property. This term is rarely used in conversation, but is often used in the name of a real estate brokerage company. According to the Lake Martin Area Association of Realtors, Realty is the most common term appearing in 30 of the 55 brokerage names at the time this article was written. My company is an example with several of the other well known companies: RealtySouth, Lake Martin Realty, Lake Homes Realty, Aronov Realty, Lake Area Realty and the list goes on. Some states prohibit using the term Realty in a business name unless it is a brokerage company. Residential real estate companies most commonly use Realty in their names. I can’t think of a single commercial real estate company that uses Realty in their name.
Real Estate
A piece of land plus any natural or man-made improvements that have been added is common definition of Real Estate. Natural attachments are trees, water, and mineral deposits. Artificial improvements include fences, houses, boat ramps, piers, and seawalls. Property is another term that is interchangeable with real estate and realty. Lake Martin includes waterfront deeded and leased properties. The second most popular industry term used in the name of Lake Martin brokerages is Real Estate.
Real Property
The least used term, Real property, is a broader term that includes land, real estate, attachments and the bundle of rights. The bundle of rights consist of five legal privileges for a property owner. These rights are: possession, control, enjoyment, exclusion, and disposition. These rights become the property owners at the time of title transfer. Also, when referring to real property, property is the most common term.
REALTOR®
A REALTOR® is a licensed real estate broker or salesperson who is an active member of the National Association of REALTORS® (NAR). While all REALTORS® are real estate agents, not all real estate agents are REALTORS®. A real estate agent is anyone who is licensed to help people buy and sell commercial or residential property. Above all, REALTORS® adhere to the NAR Code of Ethics and are held to a higher ethical standard in our industry.
Lake Martin REALTOR®
Miller Dark is a top producing Lake Martin REALTOR® working exclusively with waterfront homes, condos and lot sales on Lake Martin. Miller has nearly 30 years of experience focusing on listing and selling lakefront real estate or realty on Lake Martin. Contact Miller whether you are Buying or Selling on Lake Martin. Realty, Real Estate, Real Property, home, house, lot, parcel, land or whatever you want to call it, if it is on Lake Martin I will help you find it or sell it.
