Free Pennsylvania Real Estate Practice Exam Practice Question
A real estate licensee explains that a home with an unobstructed view is often sold at a higher price than those with limited views. This is an example of which of the following?
Correct Answer: B
Rationale: In real estate, scarcity refers to the limited availability of desirable features, such as unobstructed views, which can drive up property prices. Homes with expansive views are less common, making them more valuable.
Option A, fixity, pertains to the permanence of property and its improvements, not the desirability of views. Option C, indestructibility, relates to the enduring nature of land; it does not address market value influenced by views. Option D, setback value, involves regulations about property placement but does not directly connect to the value derived from a view. Thus, scarcity is the most relevant concept here.
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