This is the 135th most frequent Icelandic word.
sett
"Sett" in Icelandic means "set" or "placed."
In this sentence, 'sett' is used as the past participle of the verb 'setja' (to put/ to place), indicating an action of placing something.
Ég hef sett bókina á borðið.
I have placed the book on the table.
Here, 'sett' is part of a passive construction, showing that the building was set up by someone or through some means.
Byggingin er nýlega sett upp.
The building has been recently set up.
In this usage, 'sett' serves as a noun meaning 'set', referring to a group of items forming a collection.