Property Valuation
The 'plottage' principle in real estate valuation means that:
ALarger lots are always worth less per square foot
BCombining adjacent parcels can result in a combined value greater than the sum of the individual parcel values✓ Correct
CLand value is determined by its plot on a survey
DIrregular-shaped lots are worth more than rectangular lots
Explanation
Plottage (assemblage) is the increase in value that results from combining two or more adjacent parcels into one larger, more valuable parcel. The assembled value can exceed the sum of the individual values.
Related Florida Property Valuation Questions
- If a Florida appraiser notes that a property is in a neighborhood experiencing 'increasing' market conditions, this affects the sales comparison approach by:
- When a Florida appraiser makes a 'paired sales analysis,' they are:
- A Florida appraiser uses three comparable sales to estimate a home's value: $305,000, $312,000, and $298,000. After adjustments, the weighted reconciled value is $305,500. This final step is called:
- When an appraiser considers 'physical depreciation' that is 'curable,' this means:
- A Florida appraiser applies a 10% adjustment to a comparable sale for location. The comparable sold for $380,000. The adjusted comparable value is:
- A Florida appraiser's report is classified as a 'desktop appraisal.' This means:
- The income approach to value is most commonly used for which type of Florida property?
- A Florida appraiser determines a property's 'economic life' is 50 years and its chronological age is 10 years. The remaining economic life is:
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