wp-admin/ and wp-includes/, core. Never edit these; an update overwrites everythingwp-content/, YOUR site: themes, plugins, uploadswp-config.php, database credentials and keysPosts are dated and belong to a feed, news, blog. Pages are standalone, About, Contact. Custom post types cover the rest: Properties, Courses, Menu Items. Choosing correctly at the start saves a rebuild later.
wordpress.com is a hosted service with limits. wordpress.org is the software you install on your own hosting, which is what client work almost always means.
Files AND database, both. A plugin update can break a live site in seconds, and "I'll just try it" on a client's site without a backup is how a good week ends badly.
Both get overwritten by updates. Customisations belong in a child theme or a small plugin, which is the next lesson.