An induced polarization (IP) data acquisition system includes a plurality of linearly spaced apart measurement nodes or obtaining synchronized measurement signals indicative of the electric field strength at a corresponding plurality of spaced apart locations at or adjacent to a surface of a first geological body. A reference node obtains reference signals indicative of the magnetic field strength at a location at or adjacent to a surface of a second geological body that is spaced apart from body. The reference signals are synchronized with the measurement signals. A processing center is responsive to the measurement signals and the reference signals for deriving a transfer function for body. System is configured for deriving survey data that is indicative of one or more geophysical properties of a body and use is made of the transfer function referred to above to more accurately derive the survey data. That is, processing center, which takes the form of a local desktop computer, is responsive to the measurement signals and the reference signals for deriving the survey data.