Question

A parcel of land near an airport that has streets, sewers and utilities, but is currently undeveloped in terms of homes or other buildings, is called

A)real estate because the streets, sewers, and utilities represent "improvements."
B)real property because the potential exists for it to be developed.
C)real property because potential exists for it to be developed but the air rights are likely to have already been relinquished.
D)land, because it is undeveloped.

Answer 1

The parcel of land with potential for development and existing 'improvements' is considered real property, which may need to adhere to local zoning laws and could have affected air rights due to its proximity to an airport. Option a.

Step-by-step explanation:

The parcel of land described in the question, being near an airport and fitted with streets, sewers, and utilities, is considered real property because it exhibits potential for development. Though currently without buildings, the existing improvements (streets, utilities, sewers) enhance its value and represent significant development potential.

This stands apart from mere land, which may not have such enhancements. In the context of property rights, the land's owner has the ability to use, develop, or sell the property, adhering to regulations such as zoning laws, which govern land use and are established by local governments.

It is noteworthy that air rights may have been relinquished due to the proximity to an airport; however, the specifics of this parcel would on local aviation and zoning regulations.

So Option a.