Which of the following factors is considered when estimating the value of land?

When estimating the value of land, the size and shape of the land is a fundamental factor because these physical characteristics directly impact how the land can be utilized. A larger parcel may allow for different development opportunities compared to a smaller one, and the shape can influence how efficiently the land can be developed or how appealing it is to potential buyers. For instance, a rectangular plot may be more desirable for certain construction projects than an irregularly shaped one, which can affect its functionality and, subsequently, its market value.

The other factors, while relevant for land appraisal, serve to support the overall analysis rather than being as intrinsic as the size and shape. Current market trends provide context for the market environment but do not change the physical characteristics of the land itself. Previous sale prices can provide historical insight but may not reflect present value accurately due to changes in the market or the specific attributes of the land. Similarly, zoning regulations are crucial for determining permitted uses, but they do not directly influence the land's physical attributes. Overall, while all factors contribute to assessing land value, the size and shape remain critical elements in determining its potential and marketability.