Which characteristic is NOT considered a physical characteristic of real estate?

Scarcity is not considered a physical characteristic of real estate because it pertains to the economic aspect rather than the physical attributes of a property. While scarcity refers to the limited availability of land and the high demand in certain areas, it does not describe a tangible quality that can be measured or observed directly.

In contrast, immobility indicates that real estate cannot be moved; it is fixed in a specific location. Indestructibility highlights the fact that land itself cannot be destroyed, although buildings on it can be. Uniqueness refers to the individuality of a property, emphasizing that each piece of real estate is distinct due to its specific location and features. All these characteristics are inherent to the physical nature of real estate, while scarcity reflects an economic condition.