Escrow & TitleIntermediateAlaska Exam

In Alaska, an 'ILC' (improvement location certificate) or 'as-built' survey shows:

AThe original subdivision plat of a neighborhood

BThe actual location of improvements (buildings, fences, decks) on a specific lot in relation to property boundariesCorrect

CThe location of underground utilities

DThe future planned improvements by the current owner, though the exact requirements can vary somewhat by jurisdiction

Why The actual location of improvements (buildings, fences, decks) on a specific lot in relation to property boundaries Is Correct

Answer B: The actual location of improvements (buildings, fences, decks) on a specific lot in relation to property boundaries

An ILC (or as-built survey) shows where existing improvements are located on a lot in relation to property boundaries. It identifies encroachments, setback violations, and the relationship between structures and lot lines.

Exam Tip: Escrow & Title

Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.

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Key Terms to Know

Chain of Title

The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.

Encumbrance

Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.

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