Agricultural Real Estate Law and Legal Definition

According to 12 USCS § 2279aa (1), the term agricultural real estate means--

“(A) a parcel or parcels of land, or a building or structure affixed to the parcel or parcels, that--

(i) is used for the production of one or more agricultural commodities or products; and

(ii) consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or

(B) a principal residence that is a single family, moderate-priced residential dwelling located in a rural area, excluding--

(i) any community having a population in excess of 2,500 inhabitants; and

(ii) any dwelling, excluding the land to which the dwelling is affixed, with a value exceeding $ 100,000 (as adjusted for inflation).”