In this chapter:
(1) "Board" means the board of directors of a land bank.
(2) "Land bank" means an entity established or approved by the governing body of a municipality under this chapter.
(3) "Non-qualifying municipality" means a municipality to which this chapter does not apply and that is located in the same county in which a municipality to which this chapter does apply is predominantly located.
(4) "Real property" means land, land under water, and any structure, easement, air rights, franchise, or incorporeal hereditament, every estate, interest, and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage, or otherwise, and any fixture or improvement located thereon.