Final answer:
The statement is false; a real property report includes much more than just the locations of buildings and property boundaries. It also encompasses details like easements, rights-of-way, and sometimes topographical information.
Step-by-step explanation:
The statement that a real property report only illustrates the property boundaries and the location of buildings relative to the other property boundaries is false. A real property report typically includes much more detail, such as the location of significant and permanent features, improvements to the property, easements, rights-of-way, and sometimes even information about the topography or geography of the land. When considering real estate, it is crucial to understand that the visible appearance of a property, like that in photographs in advertisements, may not fully disclose essential details such as nearby landfills or factories. These external factors can heavily influence property value and usability.
In areas where the metes and bounds system is in use, the complexity of property drawings can resemble a jigsaw puzzle due to the system's reliance on natural landmarks to define boundaries. This has historically led to issues in clearly establishing property lines, as these natural markers can move or change over time. A comprehensive real property report strives to clarify these boundaries and mitigate potential disputes by providing detailed, surveyed information about a property's bounds and features.