Escrow & Title
What is a 'survey' in the context of a Rhode Island real estate transaction?
AA questionnaire sent to buyers after closing
BA professional measurement and mapping of a property's boundaries and features✓ Correct
CA list of comparable sales for the appraisal
DA title insurance policy endorsement
Explanation
A land survey is a professional measurement and mapping of a property's boundaries, dimensions, and physical features conducted by a licensed land surveyor. It can identify encroachments, easements, and discrepancies in the legal description.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
EasementA non-possessory right to use another person's land for a specific purpose.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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