BIT OF REAL ESTATE is a term used to describe a small piece of land, usually measuring less than an acre. It is often used to refer to a parcel of land that is owned by an individual or a family. This type of real estate can be used for a variety of purposes, such as building a home, starting a business, or simply enjoying the outdoors. A LOT is a three-letter acronym for a legal description of a piece of real estate, which is typically used in the United States.