Final answer:
The pituitary gland, situated in the sella turcica of the sphenoid bone, is incorrectly believed to be in the temporal bone. It is the master gland of the body, controlling various endocrine functions through the anterior and posterior parts.
Step-by-step explanation:
The pituitary gland, also known as the hypophysis, is an endocrine gland located at the base of the brain. This "master gland" is found within the sella turcica, a saddle-like depression in the sphenoid bone. Contrary to the student's question, the saddle-like depression is not located in the temporal bone, but rather in the sphenoid bone of the skull. The pituitary gland is divided into two distinct parts: the anterior pituitary and the posterior pituitary. The anterior pituitary is regulated by hormones from the hypothalamus, whereas the posterior pituitary stores and releases hormones produced by hypothalamic neurons. Due to its crucial role in secreting various hormones that control other glands in the endocrine system, the pituitary gland is instrumental in regulating vital body functions.