Property Ownership
What is the purpose of a 'ALTA/NSPS Land Title Survey' in Idaho?
ATo determine the property's fair market value
BTo provide a detailed boundary survey showing improvements, easements, encroachments, and other matters for title insurance and property transactions✓ Correct
CTo map soil contamination
DTo establish water rights boundaries
Explanation
An ALTA/NSPS Land Title Survey provides a detailed, standardized survey showing boundary lines, improvements, easements, encroachments, and other matters. It is commonly required by title companies for commercial transactions.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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