What principle asserts that no physical or economic condition remains constant?

The principle that asserts that no physical or economic condition remains constant is rooted in the concept of market dynamics and how they affect value over time. This aligns with the appraisal principle, which recognizes that various factors such as economic fluctuations, changes in supply and demand, and even environmental conditions can influence property values.

The appraisal principle emphasizes that property values and markets are subject to change due to numerous variables, including local economic conditions, interest rates, and overall market trends. Appraisers use this understanding to assess and determine the value of properties accurately. This principle is vital in the field of real estate as it guides appraisers to consider the context and timing involved in property valuation, indicating that both immediate and long-term factors must be taken into account.

The other concepts, while related to real estate, do not specifically address the idea of constant change in conditions. The chattel principle, for example, focuses on personal property, while the market stability principle suggests that there can be periods of relative stability, and the value permanence principle implies that value persists over time, contrasting with the notion of constant change.