Which of the following is an example of a physical characteristic of real estate?

Location is identified as a physical characteristic of real estate because it refers to the specific geographic position of a property, which can influence its value, desirability, and marketability. The concept of location encompasses not only the physical land itself but also the surrounding environment, including accessibility, proximity to amenities, and other properties in the area. This characteristic is intrinsic to the property and can significantly affect its appraisal and investment potential.

Zoning laws represent regulatory frameworks imposed by local governments to dictate how land can be used; while they impact real estate, they are not a physical aspect of the property itself. The owner's financial status and the type of mortgage relate to the economic circumstances and financing aspects of a property transaction, rather than any inherent physical attributes of the real estate. Thus, location stands out as crucial in understanding the physical characteristics that define and differentiate properties in real estate.