What factor is NOT included in the characteristics of value?

In the context of real estate and appraisal, the characteristics of value typically include demand, utility, transferability, and scarcity. Demand refers to the desire of consumers to purchase a good, which influences its market value. Utility relates to the usefulness or desired characteristics of a property for potential buyers, thereby impacting its worth. Transferability addresses the ease with which ownership of the property can be transferred from one party to another, which is crucial for establishing a market.

Location, while significant in real estate valuations, is not included as a characteristic of value in the same way as the others. Rather, it's viewed as a critical determinant of the other characteristics. The location influences demand and utility significantly, as properties in desirable areas are often more valuable due to better access to amenities, services, and overall livability. However, it does not directly form a fundamental characteristic of value identified in appraisal theory. Thus, identifying location as a factor not inherently included in the core characteristics of value is justified.