Which of the following is NOT considered an economic characteristic of real property?

Appraisal value is not considered an economic characteristic of real property because it is a result of the analysis and evaluation of the property's characteristics rather than a characteristic itself. Economic characteristics typically relate to how the property influences and is influenced by the market.

Improvements refer to the physical modifications and enhancements made to the property, which can increase its utility and value. Situs, or location, plays a crucial role in determining the desirability and value of real property based on its geographical position and surroundings. Scarcity refers to the limited availability of land and resources, which also plays a significant role in economic value.

While appraisal value reflects the estimated worth of a property based on these and other factors, it does not directly describe the fundamental economic attributes that affect how real property functions in the market.