Question

Gregory knew that he was going to have to pay a premium for buying a home in a certain area but was determined to do so because of the proximity to schools and his place of work. What characteristic of value does this represent?

Answer 1

The characteristic of value that is represented here is C. Situs.

What is Situs?

Situs refers to the location of the property in legal terms.  The location of an asset adds or subtracts value from the property. Some properties are located in urban areas where the demand is much more than in suburbs or rural areas.  Such properties attract equivalent values based on their locations.

Answer Options:

A. Scarcity

B. Nolo Contendere

C. Situs

D. Caveat Emptor

Thus, the characteristic of value represented in this scenario is not scarcity, nolo contendere, or caveat emptor, but Option C. Situs.

Learn more about the location of a real estate at brainly.com/question/26010601