WordPress Customizing Custom Post Types?

I've been asked to add post section to a customers WordPress website. Being fresh to wordpress i'm new on the terminology of the features of wordpress. In the menu i can see the existing two items as follows:

They've got "Posts" and "Properties" and now they want to add something the same as "Properties" but a different category called "Properties for Sale".

In WordPress are these sections referred to as "Custom Post Types"? Am I right to just install a plugin and create a new Custom Post Type?

Any advice would be appreciated.

via Chebli Mohamed