Which of the following is NOT a recognized characteristic of real estate?

Fungibility refers to the property of a good where individual units are interchangeable and can be exchanged on a one-to-one basis, like currency or stocks. This characteristic is more applicable to products that can be easily replaced or exchanged, such as commodities or financial instruments. In the context of real estate, properties are unique, and each piece of real estate has its own specific attributes, location, and value that cannot be substituted with another property.

On the other hand, recognized characteristics of real estate include uniqueness, immobility, and permanence. Uniqueness highlights the distinct nature of each property, affecting its market value. Immobility emphasizes that real estate cannot be moved; the location is fixed. Permanence relates to the long-term nature of real estate investments and the durability of the physical structures. These characteristics play a critical role in property valuation and investment strategies, differentiating real estate from other types of assets.