Which of the following is not a characteristic of value?

The characteristic of value generally includes utility, scarcity, and diminishing returns among other factors that influence how worth is determined in the context of real estate and other commodities.

Utility refers to the usefulness or the ability of a property to satisfy a need or want. It defines how well a property can fulfill the desires of potential users or buyers; without utility, a property would not hold value.

Scarcity indicates that the supply of a certain type of property is limited, which can increase its desirability and thus enhance its value. When a resource is scarce, its demand generally increases, which can lead to higher valuations.

Diminishing returns describes the principle whereby adding an additional factor of production results in smaller increases in output. In real estate, this concept signifies that after a certain point, additional investment into a property may yield less return than previous investments, impacting its overall value.

Transaction, in this context, does not represent a fundamental characteristic of value itself. It reflects an event or occurrence where value is transferred between parties rather than a quality that contributes to the inherent worth of a property. Therefore, it stands out from the others as not being a fundamental characteristic affecting the value of real estate.