Real property and real estate are usually considered to be synonymous. Real property is also known as realty, but both real estate and realty are different from what is known as personal property. Other terms used to refer to personal property are personalty or chattel, and the body which governs this field is the personal property law or the chattel law.

In certain cases there is a difference between real property and the term real estate. Real property can be taken to mean only the rights of ownership of the land, whereas real estate can be taken to mean the rights of ownership of the fixtures as well as the land itself. In civil law jurisdictions the term used for real property and real estate is immovable property, and in common law real estate and real property are used. Nowadays the field of real estate has become very vast with a lot of business being generated.