Which type of real estate includes both land and any permanent improvements on it?

The term that encompasses both land and any permanent improvements on it is known as real property. Real property refers to land and anything that is permanently affixed to it, such as buildings, structures, and other improvements. This definition includes not only the raw land itself but also any enhancements that have been made to it, which are considered integral to the land's value.

In contrast, personal property refers to movable items that are not permanently attached to the land, such as furniture, vehicles, and tools. A leasehold estate relates to a tenant's rights to occupy and use the property for a specified duration, but it does not convey ownership of the land itself or the improvements on it. Encumbered property is a term used to describe property that has debts or claims against it, such as mortgages or liens, but it does not specifically address the ownership or elements of the property itself. Understanding these distinctions is crucial for comprehending real estate concepts and terminology.