Which of the following is NOT one of the characteristics of land?

Liquidity is not considered a characteristic of land. In real estate, liquidity refers to how quickly an asset can be converted into cash without significantly affecting its value. Land, unlike more liquid assets such as stocks or bonds, typically takes a longer time to sell and may not have a readily available market at all times.

In contrast, durability, scarcity, and uniqueness are key characteristics of land. Durability denotes that land does not diminish or expire over time; it remains a fixed asset. Scarcity highlights the limited supply of usable land, making it a valuable resource as its availability can influence market demand. Uniqueness emphasizes that no two parcels of land are exactly the same, due to differences in location, topography, and other attributes, which can also impact value. Understanding these characteristics is crucial for anyone studying real estate, as they drive many fundamental aspects of property valuation and market dynamics.