Land

Overview

Land refers to the solid surface of the Earth that is not permanently covered by water. In real estate, land represents one of the primary elements that property value is built upon. This fundamental concept extends to various aspects such as surface rights, minerals and sub-surface rights, and the physical characteristics of the ground.

Key Points

Surface Rights: Entitle the owner to use the exterior surface of the land, including agricultural activities and building structures.
Minerals and Sub-surface Rights: Include ownership of materials such as minerals or oil found below the Earth’s surface.
Air Rights: Allow the property owner the ability to control, transfer, or lease the airspace above their land.
Real vs. Personal Property: Land itself is a piece of real property, in contrast to personal property which is movable objects.

Examples

Residential Plot: A piece of land zoned for building homes.
Agricultural Land: Areas designated primarily for farming and cultivation.
Commercial Block: Land allocated for businesses and office buildings.
Vacant Land: Unimproved land with potential for future development.

Frequently Asked Questions

What is land in terms of real estate?

Land refers to the part of the Earth’s surface that is not permanently covered by water, and in terms of real estate, it includes any improvements made to that parcel of ground.

How do surface and sub-surface rights differ?

Surface rights involve the usage of the top layer of the land, including placing structures or farming. Sub-surface rights pertain to the ownership and extraction of resources like minerals or oil beneath the land.

Can land include airspace above it?

Yes, land ownership typically includes air rights, which control the airspace above the land and can be used for benefits such as building taller structures or transferring these rights.

What determines the use of a land parcel?

Zoning laws and regulations usually determine how a piece of land can be used, whether for residential, commercial, agricultural, or industrial purposes.

Real Estate: Property consisting of land or buildings.
Improvements: Any developments or structures added to the land which increase its value.
Easement: A right for another person or entity to use the land for a specific purpose.
Zoning: Local government laws that dictate the allowable uses of a particular piece of land.

Online Resources

References

“Real Estate Principles: A Value Approach” by David C. Ling and Wayne R. Archer
“Modern Real Estate Practice” by Fillmore W. Galaty, Wellington J. Allaway, and Robert C. Kyle

Suggested Books for Further Studies

“Real Estate Principles” by Charles F. Floyd and Marcus T. Allen
“The Real Estate Investor’s Handbook” by Steven D. Fisher
“Land Use and Society: Geography, Law, and Public Policy” by Rutherford H. Platt
“Basic Real Estate Appraisal: Principles and Procedures” by Richard M. Betts and James A. Bliss

Real Estate Basics: Land Fundamentals Quiz

### What is typically included in the ownership of land? - [x] Surface and sub-surface rights - [ ] Only the surface rights - [ ] Only the sub-surface rights - [ ] Either surface or sub-surface rights, not both > **Explanation:** Ownership of land typically includes both surface rights (the right to use the surface of the land) and sub-surface rights (the right to extract minerals or other substances from beneath the land). ### What term refers to the developments made on a piece of land? - [ ] Easement - [ ] Air Rights - [ ] Zoning - [x] Improvements > **Explanation:** Improvements refer to any developments or structures added to the land that can increase its value, such as buildings, roads, or utilities. ### What rights are encompassed under "air rights"? - [x] The right to control the airspace above the land - [ ] The right to extract minerals below the land - [ ] The right to use the surface for farming - [ ] The right to access neighboring property > **Explanation:** Air rights refer to the right to control, transfer, or lease the airspace above the land, allowing for potential developments such as taller buildings. ### Which activity is a typical example of exercising surface rights? - [ ] Drilling for oil - [ ] Flying a drone - [x] Building a house - [ ] Mining for minerals > **Explanation:** Surface rights involve the use of the surface of the land, such as building structures, farming, and other typical land utilization activities. ### What usages are determined by zoning laws? - [ ] The boundary lines of properties - [ ] Tax rates for the land - [x] The permissible uses for designated land parcels - [ ] Ownership rights and title changes > **Explanation:** Zoning laws and regulations determine the permissible uses for designated land parcels, such as residential, commercial, agricultural, or industrial purposes. ### What is the term for a legal right permitting use of land by someone other than the owner? - [ ] Improvement - [ ] Surface Right - [ ] Sub-surface Right - [x] Easement > **Explanation:** An easement is a legal right that allows someone other than the landowner to use the land for a specific purpose, such as access or utility lines. ### What indicates the natural presence of minerals or oil below the Earth's surface? - [ ] Surface Rights - [ ] Zoning Laws - [x] Sub-surface Rights - [ ] Air Rights > **Explanation:** Sub-surface rights indicate the ownership and ability to extract natural resources like minerals or oil found below the Earth's surface. ### Who establishes zoning laws? - [ ] Mortgage lenders - [ ] Insurance companies - [x] Local governments - [ ] The Federal Government > **Explanation:** Zoning laws are established by local governments to control the land use within their jurisdiction. ### What distinguishes land from water according to legal definitions? - [x] Land is the solid part of Earth's surface, not covered by water. - [ ] Land can be underwater. - [ ] Land can be used for commercial purposes only. - [ ] Land is determined by boundaries alone. > **Explanation:** Land, according to legal definitions, is the solid part of Earth's surface that is not permanently covered by water. ### What impacts a land parcel’s usage most significantly? - [ ] Real estate market trends - [ ] Property owner's preference - [ ] Construction material availability - [x] Zoning regulations > **Explanation:** Zoning regulations most significantly impact a land parcel's usage, dictating whether the land can be used for residential, commercial, agricultural, or industrial activities.