Correct, you do not have to report a Mexican Land Trust as a trust on Form 3520. You would only report it on that form if you inherited it or it was gifted to you (and then, only in the year inherited/received).
Form 8938 is only for financial assets such as bank and brokerage accounts, and certain other financial assets such as some types of life insurance or pension plans. So you are correct there as well, that form is not required for your foreign real property ownership.
As others have indicated, you would report any income that is generated from the property (such as if you rent it out or when it is sold) but otherwise, there is no reporting requirement on 3520 or 8938.
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