"You are cool or authentic". This term is usually used after someone does some amazing or cool. Some one else Would say "You Real". As they are "Real" or cool/authentic for doing a certaintask.
A way of asking someone if they're being serious, generally in an insulting manner. Equivalent to asking "Are you serious?" in response to a stupid question.
MVP stands for Most Valuable Player. Kevin Durant ( a guy you usually see on this meme) was talking about his mom while receiving the MVP Trophy on the sixth of May 2014 and called her ( his mother) the real MVP. After that this phrase indicates that somebody has done something really well, or so it's considered to mean.