What economic characteristic describes the permanence of real estate in a fixed location?

The characteristic that describes the permanence of real estate in a fixed location is known as fixity. This concept acknowledges that real estate is immobile; once it is established, its location cannot change. This permanence impacts various aspects of real estate, including valuation, investment decisions, and market dynamics.

For instance, the fixity of land contributes to its value over time, as certain locations may become more desirable due to development or changes in community infrastructure. Understanding fixity is crucial for real estate professionals, as it also influences land use planning and zoning regulations.

The other options relate to different economic concepts. Liquidity refers to how easily an asset can be converted into cash, which is not applicable to the physical permanence of real estate. Situs refers to the location of a property and its impact on value based on geographical position, while scarcity deals with the limited availability of land, which is a separate economic factor. Fixity specifically addresses the unchanging aspect of real estate's location, affirming why it is the correct answer.