What key components must property have to possess value?

The correct answer identifies Scarcity, Utility, and Desirability as the key components that contribute to the value of a property.

Scarcity refers to the limited availability of property, meaning that when there is less of something in demand, its value tends to increase. This concept is fundamental in real estate, as the balance of supply and demand plays a critical role in assessing value.

Utility relates to the property's ability to meet the needs of potential buyers or its intended purpose. A property that serves a specific function or fulfills a requirement effectively will typically have a higher value because it is perceived as useful.

Desirability reflects the appeal of a property to potential buyers. Factors such as location, amenities, and neighborhood characteristics can enhance desirability, making a property more attractive and therefore more valuable.

The other options, while they may reflect aspects relevant to real estate, do not encapsulate the fundamental components that directly influence property value as succinctly as the combination of scarcity, utility, and desirability does. For instance, high price does not guarantee value; accessibility and condition are important but not fundamental factors of value; and market demand is a result of the other three components rather than a component itself.