Step 1: Concept The compressibility factor ($Z$) is defined as the ratio of the molar volume of a real gas ($V_{real}$) to the molar volume of an ideal gas ($V_{ideal}$) at the same T and P.
$Z = V_{real} / V_{ideal}$
Step 2: Meaning At STP (Standard Temperature and Pressure), the molar volume of an ideal gas is $22.4 \text{ dm}^3$.
Step 3: Analysis
$1.05 = V_{real} / 22.4 \text{ dm}^3$
$V_{real} = 1.05 \times 22.4$
$V_{real} = 23.52 \text{ dm}^3$
Step 4: Conclusion The molar volume of the real gas is $23.52 \text{ dm}^3$.
Final Answer: (C)