Which characteristic of land refers to its ability to not be substituted with another parcel?

The characteristic of land that refers to its ability to not be substituted with another parcel is correctly identified as non-homogeneity. Non-homogeneity means that no two pieces of land are the same; each parcel has unique qualities, such as location, topography, and zoning, which differentiate it from others. This uniqueness contributes to the fact that land cannot be interchanged with another parcel without considering these specific differences.

Understanding non-homogeneity is crucial in real estate because it impacts property valuation, investment decision-making, and market dynamics. Different parcels may serve different purposes or attract different buyers based on their unique characteristics, which emphasizes the importance of recognizing that every piece of land has distinct attributes making it irreplaceable.