Which of the following is NOT a factor that must exist for market value?

In real estate, market value is determined by several key factors, which include utility, scarcity, and transferability. Utility refers to the usefulness of the property to potential buyers, which influences how much they are willing to pay. Scarcity pertains to the availability of similar properties in the market; if a property is scarce, it may have a higher market value. Transferability indicates that the property must be legally able to be bought and sold, meaning there are no legal restrictions preventing its transfer.

Perception, while it can influence an individual's opinion about a property, is not recognized as a fundamental factor that must exist for determining market value in a broader economic sense. Market value relies more on objective conditions of the property and the market rather than individual perceptions or opinions. Therefore, perception does not meet the criteria required to be considered a necessary factor for market value.