"Realms" are empires or kingdoms which do not line up exactly with a geographical location. They are a concept.
"The Valyrian Freehold" is a realm which spread from the Free Cities to Slaver's Bay. "Valyria" is the Valyrian Peninsula or the city of Old Valyria.
"The Seven Kingdoms", while somewhat used as a geographic reference as well, is technically also the name of the "realm" ruled from the Iron Throne.
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