What are factors affecting land values such as size, topography, and location termed?

The correct term for the factors affecting land values, such as size, topography, and location, is "Physical Factors." These components directly relate to the physical characteristics of a property that influence its value. For instance, larger parcels of land may have different utility and market appeal compared to smaller ones. The topography can determine suitability for development, agricultural use, or recreational purposes. Location is a critical factor, as proximity to amenities, transportation, and overall desirability can significantly impact land value.

Understanding physical factors is essential for assessment professionals, as they provide the foundational elements to analyze and compare properties. Economic, social, and legal factors may also play a role in property valuation but are more related to the market dynamics or regulations surrounding a property, rather than its inherent physical characteristics.