A bit of land can be referred to in many different ways depending on the context and location. In rural or agricultural settings, it may be called a plot, patch, acreage, or an allotment. In urban areas, it may be known as a lot, pad, parcel, or a tract. A small piece of land can also be referred to as a patch, strip, or a piece. If it's situated next to a body of water, it could be referred to as a waterfront property or shorefront property. Regardless of what it's called, a bit of land has the potential for great opportunity and value.