Deterministic time - relative to local system clock cycles/ticks. The system clock can jitter, drift, be paused, slowed up and slowed down, but all hardware and software components clocked off this main system clock will remain in perfect synchronisation. For example, a multi-threaded PC program can often be paused, providing all threads are paused and resumed simultaneously.
A good example would be a software simulation
Real time - absolute real world timing in s,ms,ns,us,etc. Timing must remain synchronised with one or more external interfaces, placing constraints on the speed, accuracy and continuity of the internal timings. E.g. PC driver software controlling a peripheral cannot be paused and resumed without losing a connection to the peripheral, and would cause the peripheral to fail or extra processing would be required to reestablish the connection.
A good example would be an embedded system.