*This feature is only available in the CORE Back Office Enterprise package.
To set up the property types go to Settings > Tags...
...and click the Add Tag button.
Enter the tag description which would be the property type, and select Property Type from the Tag Type drop down and click Save.
The next time you go to add or edit a transaction you'll see a Property Type drop down where you can select the property type for the transaction.
Please Note: While agent are unable to see admin-created tags for lead sources, but they can see and use the tags created for property type.