Which of the following is NOT a principle of value?

Utility is indeed a fundamental principle of value in real estate, related to how a property's features meet the needs and desires of potential buyers or users. It reflects the usefulness of a property and can significantly impact its value; a property with high utility tends to have greater market value because it effectively serves its intended purpose.

The other principles listed, such as highest and best use, contribution, and anticipation, all play crucial roles in determining the value of a property. Highest and best use focuses on the most legal, financially feasible, and physically possible use of a property that would maximize its value. The contribution principle states that the value of a property is determined by the degree to which each of its features or components enhances the overall value. Anticipation refers to the expected benefits or value that future events or developments may bring to a property, influencing current market value based on perceived future returns.

In contrast, utility as a standalone concept doesn't fit the traditional categorization of principles of value in the same way; it is more of a characteristic or condition that affects the application of these principles rather than being recognized as a distinct principle of value itself. This subtlety clarifies why utility is the correct choice for the option that is NOT categorized as a principle of value.