Property Ownership
What is a 'plat of survey' and what information does it provide in Illinois?
AA map showing all properties in a county for tax assessment purposes
BA professionally prepared map drawn to scale showing the property's boundaries, dimensions, improvements, easements, and relative location✓ Correct
CA developer's preliminary sketch of a proposed subdivision
DA state-required diagram showing a property's floor plan
Explanation
A plat of survey is a professionally prepared, scaled map showing a property's boundaries, dimensions, area, easements, encroachments, and improvements (buildings, fences, driveways) relative to the property boundaries. In Illinois, surveys are conducted by licensed professional land surveyors.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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