Property Valuation
Plottage value in Michigan refers to:
AThe loss in value from combining parcels
BThe increase in value when two or more parcels are combined into a larger, more valuable parcel✓ Correct
CThe value of a parcel's mineral rights
DThe additional value of waterfront footage
Explanation
Plottage (assemblage value) is the increase in total value that results from combining two or more adjacent parcels into a single larger parcel, which may be worth more than the sum of the individual parts.
Related Michigan Property Valuation Questions
- In Michigan, 'overimprovement' of a property occurs when:
- A property generates a net operating income (NOI) of $45,000 annually. Using a capitalization rate of 7.5%, what is the estimated value?
- In Michigan appraisal, 'effective age' of a building refers to:
- The principle of substitution in appraisal states that a buyer will not pay more for a property than:
- In Michigan, which is a characteristic of the income capitalization approach that distinguishes it from the sales comparison approach?
- In Michigan, capitalization rate (cap rate) is calculated as:
- When appraising a Michigan lakefront property, the appraiser would give greatest weight to which approach?
- In Michigan, a certified general appraiser may appraise:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →