How can the term real property be described?

The term "real property" is best described as "the bundle of rights." This concept encompasses not only the physical land and any structures upon it but also the legal rights associated with owning that land and those structures. These rights can include the ability to use the property, sell it, lease it, or even develop it, thereby capturing the comprehensive nature of property ownership.

Describing real property merely as a piece of land with a house, a dwelling unit, or improved real estate limits the understanding of what real property entails. While those definitions represent specific aspects of real property, they fail to convey the legal framework and broader implications tied to ownership. The bundle of rights framework emphasizes the owner's control, authority, and potential uses attached to the property, which is fundamental in the context of real estate.