A parcel of real estate is a piece of land that is owned by an individual or entity. It is usually referred to as a LOT and is typically identified by its three-letter abbreviation. A parcel of real estate can include buildings, structures, and other improvements, as well as natural resources such as trees, minerals, and water. It is important to note that the ownership of a parcel of real estate does not necessarily include the rights to use the land for any particular purpose.