Which type of property includes land and its physical improvements?

The correct answer is real estate, as it encompasses both the land and its physical improvements. Real estate specifically refers to land, including the natural resources on it, as well as any permanent structures affixed to the land, such as buildings, roads, and other developments. This term is essential in property law and real estate transactions, distinguishing it from other forms of property.

Tangible property pertains to physical items that can be touched and owned but does not specifically denote land. While tangible property could include aspects of real estate, it does not fully encompass the concept of land ownership and the associated improvements. Intangible property, on the other hand, refers to non-physical assets such as stocks, bonds, or intellectual property rights, which do not include physical land or structures. Personal property generally refers to movable items that are not fixed to land, such as vehicles or furniture, and again does not cover land and its attachments.

Therefore, real estate is the most accurate term for property that includes land and its physical improvements.