Which of the following characteristics make up the Physical Land Characteristics?

The correct answer encompasses the key attributes that define physical land characteristics. Permanence refers to the enduring nature of land, as it does not change drastically over time like other assets might. Uniqueness denotes that no two parcels of land are exactly alike, as each has its own location, topography, and features, which contribute to its distinct value in the marketplace. Immobility indicates that land cannot be moved; it is fixed in a specific location. These characteristics are essential when considering the value and potential for development of land in the context of title insurance and real estate transactions.

The other characteristics in the options do not accurately represent the physical attributes of land. Flexibility, for instance, does not appropriately describe land since its physical properties do not change. Similarly, liquidity refers to how easily an asset can be converted into cash, which is not a characteristic of land itself but rather a feature of financial assets. The notion of compensability, while relevant in some legal contexts, does not pertain directly to the intrinsic physical characteristics of land. By understanding these correct attributes, one can better grasp the fundamental nature of real estate and its implications in title insurance practice.