While in theory any animal might be a pet, in practice only a small number of species of mammals (especially dogs and cats) and other small animals, such as birds, fish, or lizards, are practical. One reason for this is that large animals are not able to fit inside small dwellings.

In general, a pet must either be small enough (or easily controlled) for his or her undesirable behavioral tendencies to be negligible, or the animal must be actually domesticable. Examples of the former are such animals as fish (including carnivorous ones such as piranha), chickens, invertebrates or small mammals.

A few animals are sufficiently capable of adapting to human interaction to be considered domesticable. Dogs ("man's best friend") are considered to be a classic example of domesticated animals normally suited to being pets. Domestic dogs are quite similar to wolves, but their physical form and behavior are characteristically different, more than mere differences in size, coat, or coloring. Behaviorally speaking, characteristic changes in dogs due to domestication include a prolonged infancy, increased playfulness, and increased barking. Wolves are far less playful and vocal.

Over the course of fifty years, Russian scientists also domesticated silver foxes, resulting in the Tame Silver Fox. While the number produced was extremely small, they have been sold as pets, and they prove that domestication of canids other than wolves is possible.

Many rodents—such as fancy rats, fancy mice, and Syrian hamsters—are commonly kept as household pets.

Such animals as reptiles are typically considered exotic pets. This may change in the future, as 'exotic' pet ownership is increasing rapidly. Some of these animals, such as green iguanas, large monitor lizards, and large birds, do not make suitable pets for the average person, as they require extensive housing and diet. They can also become quite aggressive if not regularly handled. Exotic mammals are also becoming increasingly more popular as pets. For example, the domesticated hedgehog has been selectively bred to the point where its physical characteristics no longer directly match its wild European and African counterparts. Individuals have occasionally run into legal trouble for keeping large exotic pets, both in rural estates and urban apartments. A few years ago, New York Police Department officers arrested a man who had kept large cats and an alligator in a small Manhattan apartment Many animal species are difficult to handle and cannot be pets for the general populace. Raptors, eagles, and falcons, must be handled very carefully to avoid attacks on their handlers; the sport of falconry is to a large extent ways of avoiding such outcomes, and so they are not really pets in the sense meant here. Large cats cannot become pets, as they do not reliably restrain their impulses (although cheetahs are an exception and have been kept as pets in the past). Nor do the large bears, for similar reasons. Small monkeys can be human companions, but they are notoriously unable to defer their curiosity which leads to much destruction. Raccoons also fit this example. They adapt easily to almost any environment, but resist domestication. One the other hand, several of the ferret and otter varieties can be human companions.

A pet can be acquired from a pet store, animal shelter, a breeder, and from private transactions, typically due to the giving away of extra newborns after the birth of a litter. See also pet adoption. Because of environmental and public safety concerns, some pets are illegal in many areas.

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