Final answer:
Depreciation is not a required characteristic for a property to have value. Instead, value is generally determined by demand, scarcity, transferability, and utility.
Step-by-step explanation:
The characteristics required for a property to have value include demand, scarcity, and transferability, among others. However, depreciation is not required for a property to have value; in fact, depreciation typically reduces the value of a property over time. Properties that are in high demand and are scarce will hold or increase in value, and the ease of transferring ownership is also important for the establishment of value in the marketplace. Finally, an item's utility, or usefulness, is directly related to its perceived value, as items with greater utility are more likely to be valued highly by consumers.