The real estate business, a fundamental sector in the global economy, involves the professional activities of buying, selling, or renting land, buildings, or housing. This multifaceted industry not only impacts local and national economies but also reflects broader economic trends and consumer behaviors.

In the realm of sales and marketing, real estate professionals, known variably as agents, brokers, or realtors, play a pivotal role. They act as intermediaries between property owners and potential buyers or renters, providing dedicated support in exchange for a commission. The terminology and practices may differ slightly across regions – in North America, they are commonly referred to as real estate agents or brokers, while in the United Kingdom, they are known as estate agents. In Australia, the terms real estate agents or representatives are used.

An ongoing aspect of the real estate industry is the study of housing price determinants. Researchers have extensively investigated how structural, locational, and environmental attributes of houses influence their market value. These studies are crucial in understanding real estate market dynamics and aiding stakeholders in making informed decisions.

The process of real estate transactions, the core of this industry, involves the transfer of property rights between parties. This process can be complex, often involving intricate property rights, substantial financial exchanges, and adherence to various government regulations. These transactions differ significantly across countries and jurisdictions, reflecting diverse legal and cultural conventions.

To address the complexity and costs associated with real estate transactions, organizations like the Organisation for Economic Co-operation and Development (OECD) have conducted studies. One such initiative aimed to model real property transactions to facilitate cross-country comparisons. This research involved using methodologies like the Basic Use Case template and the Unified Modeling Language to describe transactions formally. These models helped estimate national property transaction costs in countries like Finland and Denmark, following guidelines from the United Nations System of National Accounts.

Furthermore, the real estate business encompasses various specific processes like subdivision, conveyance, and mortgaging. The practices in these areas, particularly in the Nordic countries, have been documented in detail, providing insights into the regional specificities of real estate transactions.

In summary, the real estate business is a dynamic and complex field, integrating various aspects of sales, marketing, legal processes, and economic studies. It remains a vital component of the global economy, reflecting and responding to changing economic conditions and consumer preferences.