Illinois Real Estate Exam Practice Question
Characteristics of value include
Correct Answer: B
Rationale: Value in economics is determined by several key characteristics. Transferability ensures that a good can be sold or exchanged, while demand reflects the desire for a product. Scarcity indicates that resources are limited, enhancing value, and utility measures the usefulness of a good.
Option A includes "change," which is not a fundamental characteristic of value. Option C introduces "highest and best use," a concept related to property valuation but not a core characteristic of value itself. Option D also mentions "highest and best use" and focuses on supply, which is not a characteristic of value. Thus, option B accurately encompasses the essential elements of value.
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