Which of the following is NOT a stage of the real estate life cycle?

The real estate life cycle consists of several key stages that describe the development and changes in real estate markets over time. These stages typically include development, where new properties are constructed and introduced to the market, equilibrium, where supply and demand are balanced, and decline, which is marked by a decrease in property values and demand.

Transference, while relevant in real estate transactions regarding the transfer of ownership and rights, is not considered a stage of the real estate life cycle. The cycle is more focused on the physical and economic state of properties rather than the act of real estate transactions and ownership changes. Understanding the recognized stages of the life cycle is essential, as it helps investors, developers, and real estate professionals make informed decisions about buying, selling, and developing properties based on the current phase of the market.