What term refers to the legal interests associated with ownership of the physical real estate?

The term that refers to the legal interests associated with ownership of the physical real estate is "real property." This encompasses not only the land itself but also anything that is permanently attached to it, such as buildings, trees, or other structures. Real property is distinct because it includes the rights associated with owning the land, including the ability to sell, lease, or develop it.

In contrast, personal property refers to movable items that are not fixed to the land. Chattel represents a specific type of personal property that is tangible and movable, like furniture or vehicles, but does not include anything that is permanently attached to real estate. Fixtures are items that were once personal property but have been attached to the land or buildings and, through their installation, have become part of the real property. Thus, "real property" accurately reflects the comprehensive legal interests tied to ownership of the physical land and everything attached to it.