Which of the following is not considered a characteristic of value?

Transferability is not considered a characteristic of value in the context of real estate valuation. When assessing the value of property, key characteristics are utility, demand, and scarcity.

Utility refers to the property's ability to satisfy a need or want, which directly affects its marketability and worth. Demand embodies the desire and ability of consumers to purchase a property; it plays a crucial role in determining how much buyers are willing to pay. Scarcity speaks to the limited availability of properties, which can heighten their value as demand exceeds supply.

While transferability is an important aspect in the context of real estate transactions—reflecting the ease with which ownership can be transferred—it is not a fundamental characteristic that directly influences the intrinsic value of the property itself. Instead, transferability relates more to the legal and procedural aspects of making a property available for sale than to the property’s value characteristics.