Abstract. We give a systematic account of the various pictures of KKtheory for real C * -algebras, proving natural isomorphisms between the groups that arise from each picture. As part of this project, we develop the universal properties of KK-theory, and we use CRT-structures to prove that a natural transformation F (A) → G(A) between homotopy equivalent, stable, halfexact functors defined on real C * -algebras is an isomorphism provided it is an isomorphism on the smaller class of C * -algebras. Finally, we develop E-theory for real C * -algebras and use that to obtain new negative results regarding the problem of approximating almost commuting real matrices by exactly commuting real matrices.