Audit of Construction and Real Estate Industry Practice Test

Real estate is the industry that covers development, leasing, appraisal, marketing, and management of commercial, residential, agricultural, and industrial properties. It includes creating and acquiring property (development), attracting tenants or buyers (leasing and marketing), determining value (appraisal), and ongoing property operation and administration (management). The other industries don’t encompass all these functions at once: construction focuses on building, property management is mainly about running and maintaining properties after they exist, and insurance deals with risk protection. Real estate integrates all these activities across different types of properties.