What comprises real estate in its ordinary meaning, including leaseholds and timeshares?

Real estate, in its ordinary meaning, refers to land and anything permanently attached to it, such as buildings and structures. This definition encompasses various interests in real property, including leaseholds and timeshares. Leaseholds represent a tenant's right to occupy and use property for a specific period, while timeshares enable multiple parties to share ownership or usage rights for a certain time of the year.

The term 'real property' is specifically used in legal and real estate contexts to denote not just the physical land but also the rights that come with ownership of that land. Therefore, since the question focuses on what comprises real estate along with leaseholds and timeshares, identifying it as real property is essential.

In contrast, personal property refers to movable items not permanently attached to or associated with real estate, and fair market value pertains to the price at which a property would sell under normal market conditions, which does not define what real estate is. A sealed bid auction is a method of bidding and does not relate to the nature of real estate itself. Thus, the term 'real property' accurately encapsulates the concept of real estate as it includes all relevant components discussed.