What constitutes real property?

Real property fundamentally refers to land and anything that is permanently affixed to it. This includes not only the land itself but also buildings and structures that are constructed on that land. Furthermore, installed utility systems, such as plumbing or electrical systems that are integral to these buildings, are also considered part of real property. The permanence and attachment of these elements to the land define their classification as real property.

The other options focus on aspects that do not align with the comprehensive definition of real property. The first choice narrows the definition to just buildings and structures, which excludes the critical component of the land itself and the installed utility systems that are essential to a property's functionality. The third option incorrectly describes personal property, which refers to movable items, whereas the question specifically asks about real property. Lastly, the fourth choice mentions tangible items valued over $5,000, which again pertains to personal property rather than the foundational components that make up real estate. Thus, the correct answer encompasses all key elements of real property, including land, buildings, and utility systems.