Which of the following is not a characteristic of real estate?

The assertion that real estate is characterized by homogeneity is inaccurate because real estate is inherently heterogeneous. Each piece of real estate is unique, possessing distinctive features such as location, size, design, and surrounding infrastructure. This individuality influences the value and desirability of each property. In contrast, the other characteristics presented accurately reflect real estate's nature.

For instance, limited supply refers to the fact that land is finite, and the availability of property is restricted by geography and zoning. Furthermore, real estate is often considered a permanent fixture since it typically does not move from one location to another. Lastly, location specificity underscores the importance of location in determining a property's value, as different neighborhoods or areas can significantly affect market demand. Understanding these properties is crucial for anyone involved in real estate.