Final answer:
The 'location and size of the parcel' is a property characteristic, while distress sales, the economic viability of the neighborhood, and seller financing are non-property characteristics in real estate appraisal. The correct option is 2.
Step-by-step explanation:
In appraising real property using the market data approach, characteristics such as distress sales and the presence of seller financing are considered non-property characteristics. These elements reflect conditions of the sale rather than the physical attributes of the property itself.
On the other hand, the location and size of the parcel is a property characteristic because it directly relates to the physical aspects of the real estate being appraised. Factors like the economic viability of the neighborhood also play a vital role in influencing property values but are not intrinsic qualities of the property. They are rather external conditions that reflect the desirability and potential growth of the area in which the property is located.
Property characteristics typically refer to the immutable and material aspects of a property, such as its structure, design, and square footage, not changing with the economic conditions or personal circumstances of the buyers or sellers. Considering that, the option that would not be a non-property characteristic is 'The location and size of the parcel', as it directly refers to a physical property characteristic.
Hence, Option 2 is correct.