What does "real property" encompass?

The term "real property" refers to a comprehensive concept that includes not only the land but also the rights and interests associated with owning that land. This means that real property encompasses a variety of ownership rights, such as the right to use, lease, sell, or develop the property. This definition goes beyond just the physical elements like buildings or improvements, as it focuses on the legal and financial aspects of property ownership.

Essentially, real property embodies the complete package of rights that comes with owning real estate, which can include ownership of the land itself, any structures on it, and the rights to utilize it in various ways. Understanding this full scope is crucial for appraisers, real estate professionals, and property owners, as it affects how property is valued, transferred, and managed.