Finance
What is the purpose of a survey requirement by mortgage lenders?
ATo determine property value
BTo confirm boundary locations, identify encroachments, and verify improvements are within property lines✓ Correct
CTo determine flood zone status
DTo measure square footage for appraisal
Explanation
Lenders require surveys to confirm the property's boundaries are as described, identify encroachments or boundary disputes, verify improvements are within the property lines, and ensure the title company can issue survey coverage.
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