There is an additional property here to that of reflective subcategory which is general enough to be worth mentionning.
-Let $\mathcal{A}$ be a category. let $\mathcal{P}$ be a full subcategory of $\mathcal{A}$. For an object $a$ of $\mathcal{A}$, we say that an ordered pair $(f,b)$ where $f$ is an arrow $a \rightarrow b$ in $\mathcal{A}$ is an extension of $a$.
We define the category $\mathcal{A}_a$ of extensions of $a$ as that whose objecs are extensions and whose morphisms are commutative triangles between extensions. $\mathcal{A}_{a,\mathcal{P}}$ denotes the full subcategory of $\mathcal{A}_a$ where the codomains in extensions are objects of $\mathcal{P}$.
-Let $P$ be a quality of extensions which is conservatively transitive: if $(f,b)$ is an extends $a$ and $(g,c)$ extends $b$, then $(g \circ f,c)$ satisfies $P$ if and only if both $(f,b)$ and $(g,c)$ do.
We then define the category $\mathcal{A}_{a,P}$ of $P$-extensions of $a$ as the full subcategory of $\mathcal{A}_a$ whose objects are $P$-extensions.
We say that an object of $\mathcal{A}$ is $P$-maximal if its $P$-extensions come from isomorphisms.
Then if every object $a$ of $\mathcal{A}$ has a $P$-extension $(\varphi_a,a_P)$ with codomain $a_P$ in $\mathcal{P}$, and which is initial in $\mathcal{A}_{a,\mathcal{P}}$, then any assignment $a \mapsto (\varphi_a,a_P)$ defines a functor from $\mathcal{A}$ to $\mathcal{P}$ which is left adjoint to the inclusion $\mathcal{P} \rightarrow \mathcal{A}$. This is just the notion of reflective subcategory.
The additional property is that then for every object $a$ of $\mathcal{A}$, $a_P$ is $P$-maximal, that the functor $\mathcal{A}\rightarrow \mathcal{P}$ is essentially onto the category of $P$-maximal objects of $\mathcal{P}$, and $(\varphi_a,a_P)$ is terminal in $\mathcal{A}_{a,P}$.
For real closure, the relevant property in the category of ordered field is to be an algebraic extension. For ordered rings with injective morphisms, the property of being a degree $1$ extension yields the reflective category of ordered fields and reflective functor of fraction field. For ordered fields with cofinal morphisms, the property of being a dense extension gives the category of Cauchy-complete ordered fields with Cauchy-completion functor.