Estimating the market value of real estate is complicated by the unique characteristics of real estate markets. In contrast to stock markets, real estate markets are characterized by all of the following EXCEPT:
A. No two assets are considered perfect substitutes for one another
B. Transactions require the buyer to obtain a large amount of information, resulting in relatively high transaction costs
C. The physical location of the asset being sold plays an important role in the pricing process
D. Transactions occur infrequently
E. The short amount of time that it takes to construct new buildings leads to rapid changes in demand