California Real Estate Practice Exam

Which of the following is not a characteristic of value?

1. Scarcity

2. Demand

3. Transferability

4. Utility

The correct answer is: Transferability

Transferability is defined as the ability for a good or service to be easily bought, sold, or exchanged. This is indeed a characteristic of value. Scarcity, demand, and utility are all considered characteristics of value as well. Scarcity refers to the limited supply of a good or service, which can drive up its value. Demand measures the desire and willingness of people to pay for a good or service, which can also contribute to its value. Utility refers to the satisfaction or usefulness that a good or service provides to a consumer, which can also impact its value. Therefore, C is the correct answer because it is the only option that does not accurately describe a characteristic of value.