Property Ownership
In West Virginia, the ALTA/NSPS Survey standards for land title surveys are important because they:
ASet assessment ratios for property tax purposes
BEstablish minimum standards for surveys used in title insurance and major commercial transactions✓ Correct
CReplace the need for title insurance in all commercial transactions
DAre administered by the WVREC as part of license requirements
Explanation
ALTA/NSPS (American Land Title Association/National Society of Professional Surveyors) standards establish minimum requirements for surveys used in connection with commercial real estate transactions and title insurance. These surveys provide lenders and title companies with comprehensive boundary and easement information.
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