My definition of photo panorama is very simple. It is any photo with the scale higher than 2:1. Several overlaping pictures are stiched together using specialized software to create this type of projection.
In Real Estate panoromas are used to creat 360 Virtual tours as well as Virtual Reality. It is also very interesting way to show the property.
I have included examples of panoramas that I used to creat 360 Virtual Tours of properties for my real estate customers in Muskoka.