What is "residential property"?

The term "residential property" specifically refers to real estate that is designated for living purposes. This encompasses a variety of property types, including single-family homes, condominiums, townhouses, and multi-family dwellings like duplexes and apartment buildings. The key characteristic that classifies a property as residential is its intended use for habitation.

Some options may misrepresent the definition of residential property. For instance, properties developed for commercial use cater to business activities and operations, and land without a building lacks the essential component that creates residential living space. Similarly, while a property intended solely for rental income could be residential if it is intended for individuals to live in, it does not encompass the full definition since residential property is focused on the purpose of living rather than income generation alone. Thus, the most accurate description is that of real estate designated for living purposes.