I know that the list() constructor creates a new list but what exactly are its characteristics?
What happens when you call list((1,2,3,4,
Python has a well-established documentation set for every release version, readable at https://docs.python.org/. The documentation for list() states that list() is merely a way of constructing a list object, of which these are the listed ways:
The list() function accepts any iterable as its argument, and the return value is a list object.
Further reading: https://docs.python.org/3.4/library/stdtypes.html#typesseq-list