In order for a property to have value, it must possess the following qualities:(1)utility,(2)scarcity,(3)demand,and(4)transferability.Utility is the power of a good to render a service or fill a need. Scarcity is a relative term, and must be considered in relation to demand and supply and the alternate uses to which the good or service may be placed. Generally, the greater the scarcity, the higher the value of the object. Demand is an economic concept that implies not only the presence of a "need" but also the existence of monetary power to fill that need. Transferability is a legal concept which refers to the possession and control of all the rights that constitute ownership of property rather than physical mobility. Unless a property can be transferred in whole or in part, market value cannotexist.