What is meant by the term 'real property'?

The term 'real property' encompasses both tangible and intangible attributes of land and improvements. This means that it includes the physical land itself and any structures or buildings on that land, which are tangible elements. Additionally, it incorporates intangible aspects such as rights, interests, and privileges associated with that property.

This broader definition is critical in real estate as it signifies not only the physical space but also the legal rights one has over that property, which can include the right to use, lease, sell, or develop the land. As such, 'real property' is a comprehensive term that captures the full scope of ownership and the various factors that contribute to the value and usability of real estate.