Escrow & Title
What is a 'survey' and what types are used in Illinois real estate transactions?
AA buyer questionnaire about their property preferences
BA professional measurement of a property's boundaries and features; types include boundary surveys, ALTA/NSPS surveys, and improvement location certificates✓ Correct
CAn inspection report covering structural elements of the property
DA government record showing all properties in a neighborhood
Explanation
A survey is a professional measurement and mapping of a property's boundaries, improvements, easements, and encroachments. Illinois uses several types: boundary surveys (establish lot lines), ALTA/NSPS land title surveys (comprehensive survey meeting national standards, required for commercial transactions), and improvement location certificates (abbreviated surveys showing improvements relative to boundaries).
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EasementA 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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Math Concepts
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