What term describes a parcel of land and any structures or improvements that are permanently affixed thereto?

The term that describes a parcel of land and any structures or improvements that are permanently affixed thereto is "real estate." Real estate encompasses not only the physical land but also everything that is permanently attached to it, including buildings, roads, and fixtures. This definition is critical in appraisals and real estate transactions, as it distinguishes real estate from personal property, which refers to movable items that are not anchored to the land.

The nature of real estate is foundational in the field of appraisal, as it involves valuing both the land and any attached improvements or structures as a single unit. This concept is vital when determining the overall value of a property, since both elements contribute to market value and are subject to different regulations and considerations in property law.

Personal property refers to movable items that can be relocated, such as furniture or cars, which distinguishes it clearly from real estate. Intangible assets, on the other hand, represent non-physical assets like intellectual property or goodwill, which are unrelated to physical properties. Fixed assets typically refer to long-term tangible assets owned by a business but are more focused on the business context rather than on land and structures in real estate. Hence, real estate is the most accurate term in this context.