Final answer:
The Board of Regents may wield the power of eminent domain concerning public property, allowing the government to take private property for public use while ensuring just compensation. Additionally, Congress has the power to dispose of and regulate U.S. territory and properties, and the government regulates land use through zoning laws.
Step-by-step explanation:
The Board of Regents may exercise the power of eminent domain in regards to public property. This power, as recognized under the Fifth Amendment of the United States Constitution, allows the government to take private property for public use, provided that just compensation is offered to property owners. While the Congress has the authority to dispose of and set regulations for territories and other properties belonging to the United States, it's also true that under certain circumstances, state entities like the Board of Regents could wield similar powers, especially in relation to property needed for educational institutions or other state-controlled enterprises.
Moreover, the principle of eminent domain ensures that such exercises of power must serve 'the public good' and be accompanied by fair compensation to the owners. This principle balances the rights of property owners against the needs of the government to regulate and use land, sometimes leading to conflicts that are resolved through the legal system.
Finally, it is essential to note that government regulations, such as zoning laws, also play a significant role in how land and property are used and managed. These laws, which have been widely adopted since their inception in New York City in 1916, help ensure that land use is in line with plan's designed for community welfare and development.