Which characteristic is NOT a physical characteristic of real estate?

Market liquidity is the correct answer because it pertains to the ease with which property can be bought or sold in the market, rather than a physical attribute of the property itself. In real estate, physical characteristics refer to the tangible qualities that define the property, such as its location, the permanence of land (immobility), the durability of structures (indestructibility), and the uniqueness of each piece of real estate (non-homogeneity).

Immobility indicates that real estate cannot be moved from one location to another, while indestructibility underscores the idea that land is permanent and cannot be destroyed, though it can be altered. Non-homogeneity reflects that no two pieces of real estate are exactly alike; each has its individual characteristics. Therefore, market liquidity, being a concept related to market dynamics and not a physical property, is correctly identified as the option that is not a physical characteristic of real estate.