Yes, you are correctly identifying that all land rights stem from one's ability to claim nature's productive power as his own and monopolize all output from it.

This was self-evident in the feudal era, when landlords (Lords) had to at least raise their own militaries to assert this monopoly right. But the modern State and the landlords reached a compromise: the State will provide security to protect the lords' monopoly on nature so long as the landlords don't raise armed forces.

Totally absurd arrangement.