Property Ownership
What is the primary purpose of a survey in a Minnesota real estate transaction?
ATo determine the assessed value of the property
BTo accurately identify the property's boundaries, dimensions, encroachments, and easements✓ Correct
CTo identify environmental contamination on the property
DTo establish the zoning classification of the property
Explanation
A property survey in Minnesota precisely identifies the boundaries, dimensions, easements, encroachments, and other physical features of the property. Lenders often require surveys to confirm the property boundaries, identify encroachments, and verify that improvements are within lot lines before issuing a title insurance policy.
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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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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.
Math Concepts
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