Which of the following is a direct result of combining multiple parcels of land?

When multiple parcels of land are combined, the concept known as plottage value comes into play. Plottage value refers to the increase in value that occurs when two or more adjacent properties are merged into a single larger parcel. This increase in value is often realized because the combined parcel may be more suitable for a higher or better use than the individual properties. For instance, joining several small parcels may allow for a larger development project that can accommodate commercial activities, which would generally be more profitable than the sum of the individual parcels used separately.

The other concepts mentioned in the options do not directly relate to the act of combining multiple parcels of land in the same way that plottage value does. Highest and best use pertains to the optimal use of a property to maximize its potential, but it is not a direct result of combining parcels. Functional obsolescence refers to a loss in value due to an outdated design or lack of utility, which is not specifically tied to combining land. Depreciated value generally relates to the reduction in value over time due to various factors, but again, does not directly address the benefits of merging plots.

Thus, the increase in value resulting from the combination of parcels makes plottage value the most relevant result of this action.