What type of property includes physical assets such as land and buildings?

Real property encompasses physical assets that are affixed to the land, including the land itself and any structures built upon it, such as buildings and other improvements. This category of property is characterized by its permanence and is typically immovable. Ownership of real property includes not only the physical items but also certain rights associated with the land, such as the right to sell, lease, or develop the property.

In contrast, personal property refers to movable items not permanently attached to land, such as furniture, vehicles, and equipment. Intellectual property pertains to creations of the mind, including inventions, literary and artistic works, and symbols used in commerce. Leasehold property refers specifically to the rights granted by a lease agreement, which allows a tenant to occupy and use real property without owning it. Thus, real property distinctly refers to land and physical buildings, making it the correct choice.