What characteristic defines real property?

Real property is defined by its inclusion of both the land and any structures or improvements that are located on it. This characteristic highlights the concept of "real estate," which encompasses not only the physical land but also everything that is permanently attached to it, such as buildings, fences, and other improvements made to the property. This definition distinguishes real property from personal property, which refers to movable items not permanently affixed to land.

The other options fail to accurately capture the comprehensive nature of real property. For example, the notion of easily moving or relocating property is typically associated with personal property, not real property, which is characterized by its fixed nature. Likewise, leased land does not confer ownership rights to the tenant, which can lead to confusion about the definition of real property if considered. Finally, real property is not confined to commercial plots alone; it encompasses residential, industrial, agricultural, and undeveloped land as well. Therefore, the completeness of option B best encapsulates the defining characteristic of real property.