Illinois Real Estate Practice Exam

Before selling your property, what document provides details on your property's boundaries, easements, and other property specifics?

1. Seller's Disclosure Form

2. Property Survey

3. Appraisal Report

4. Homeowners Association Agreement

The correct answer is: Property Survey

The correct answer is indeed the property survey. A property survey is a detailed document that outlines the boundaries of a property, indicating the exact dimensions and location of the land. It may also show any easements or rights-of-way that could affect the property, as well as the location of structures, fences, and other features. This information is crucial for potential buyers who need to understand exactly what is being sold as well as any limitations or rights associated with the property. In contrast, a seller's disclosure form generally details the condition of the property, including any known issues or defects, but it does not provide specific information about property boundaries. An appraisal report is used to estimate the market value of the property based on comparable sales, but it does not detail property lines or easements. A homeowners association agreement pertains to the rules and regulations of a community but does not provide physical boundary details of an individual property. Therefore, the property survey is the most relevant document in clarifying the specifics surrounding the property's boundaries and easements prior to a sale.