lot vs piece of land

lot and piece of land both are nouns.

Word	Noun	Adjective	Verb	Adverb
lot	Yes	No	Yes	No
piece of land	Yes	No	No	No

As nouns, piece of land is a hypernym of lot; that is, piece of land is a word with a broader meaning than lot:

Other hypernyms of lot include parcel, parcel of land, piece of ground, tract.

lot (noun)	piece of land (noun)
anything (straws or pebbles etc.) taken or chosen at random	an extended area of land
an unofficial association of people or groups
any collection in its entirety
a parcel of land having fixed boundaries
(often followed by `of') a large number or amount or extent
your overall circumstances or condition in life (including everything that happens to you)

lot (verb)	piece of land (verb)
administer or bestow, as in small portions
divide into lots, as of land, for example