Factors affecting land values such as size, topography, and location are termed what type of factors?

The correct answer is physical (environmental) factors, as these encompass the natural characteristics of the land that directly influence its value. Size refers to the land area, topography refers to the shape and elevation of the land, and location pertains to the geographical position of the property, all of which are intrinsic physical attributes that can either enhance or detract from the land's desirability and marketability.

Understanding these factors is crucial for appraisers as they assess how the land’s physical features contribute to its overall value. For example, a larger parcel of land may be more desirable for certain types of development, while a desirable location near amenities can greatly increase its appeal. The topography may affect usability and development potential, which are key considerations in appraisal.

Other types of factors, while also important, relate to different influences on property value. Economic factors would include the overall economic conditions and demand for land in the market. Societal factors refer to demographics and community trends, while legal factors pertain to zoning laws and regulations.