Real Estate Appraisal Practice Exam

The factor that influences value and relates to how easily property can be conveyed to another owner is transferability. Transferability describes the legal and practical aspects that allow ownership to be transferred from one party to another. This includes consideration of legal restrictions, title issues, and the clarity of ownership. When transferability is high, it means that the property can be easily sold or conveyed, significantly affecting its market value.

In contrast, marketability refers to how desirable a property is to potential buyers and can encompass various attributes like location and condition but does not specifically focus on the actual transfer process. Liquidity relates to how quickly an asset can be converted to cash without significantly affecting its price, which is slightly different from the concept of ownership transfer. Accessibility generally refers to the ease with which a property can be reached or accessed physically and does not specifically address ownership transfer issues.