What is the term for the increase in value resulting from the consolidation of adjacent lots into one larger lot?

The term for the increase in value that occurs when adjacent lots are combined into a single, larger lot is known as "plottage." This concept reflects the economic principle that a larger parcel of land can often be more valuable than the sum of its smaller individual lots. The increase in value can be attributed to the enhanced usability of the land, greater development potential, and the improvement of certain features that may not be available when the lots are separate.

For instance, when two small residential lots are combined, the resulting larger lot may allow for the construction of a single, larger home or multiple units, thereby attracting higher demand and increasing the overall market value. This phenomenon is frequently leveraged in real estate development and investment strategies, where the consolidation of properties leads to more efficient use and greater profitability.

The other terms listed relate to different concepts in real estate. For example, the "point of beginning" refers to a specific starting point in a property description. "Principal" generally relates to the primary party in a transaction or financing. "Police power" refers to the government's authority to regulate land use for public welfare. These concepts do not pertain to the value increase resulting from consolidating lots, which is why they are not the correct answer.