Property Ownership
In Minnesota, a property owner may request a formal boundary survey to determine:
AThe assessed value of the property
BThe precise location of property lines, corners, and any encroachments✓ Correct
CThe environmental condition of the soil
DWhether the property qualifies for agricultural tax status
Explanation
A boundary survey (also called a location or ALTA survey) precisely establishes the location of property lines, corners, and improvements relative to the lot. It identifies encroachments from or onto neighboring properties and confirms the accuracy of the legal description.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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