Which characteristic is NOT typically associated with value?

The characteristic that is not typically associated with value in real estate is plottage. Plottage refers to the increase in value that can result from combining smaller adjacent parcels of land into a larger tract. While plottage can enhance value, it is not a fundamental characteristic that inherently contributes to the concept of value itself like the other options do.

Utility, demand, and scarcity are core principles in determining value. Utility relates to the usefulness of a property, increasing its desirability. Demand refers to the desire of consumers to acquire property, which directly influences its market price. Scarcity involves the limited availability of a resource, which can heighten its value in the eyes of buyers when demand exceeds supply.

Thus, while plottage can impact market value, it is not a fundamental characteristic that defines value in the same way that utility, demand, and scarcity do. Understanding this distinction helps in grasping how different factors play a role in real estate valuation.