A property in Anchorage is located in a FEMA-designated Special Flood Hazard Area (SFHA). The owner has a conventional mortgage. Flood insurance requirements are:
Why Mandatory for federally backed mortgage loans on properties in SFHAs Is Correct
Answer B: Mandatory for federally backed mortgage loans on properties in SFHAs
Exam Tip: Environmental
Environmental questions test knowledge of hazards like asbestos, lead-based paint, radon, and mold. Know the disclosure requirements and when a professional inspection is required. CERCLA liability is strict, joint, and several.
People Also Study
Related Alaska Questions
- In Alaska, floodplain management regulations in communities participating in the National Flood Insurance Program (NFIP) primarily require:Land Use & Zoning
- What is the purpose of private mortgage insurance (PMI) on an Alaska conventional loan?Finance
- Lead-based paint disclosure requirements under federal law apply to residential properties built:Environmental
- Which type of Alaska mortgage loan is specifically designed for rural areas and typically requires no down payment?Finance
- An Alaska lender requires title insurance as a condition of making a mortgage loan. The cost is typically paid by:Finance
- In Alaska, the 'Homeowners Protection Act' (HPA) requires private mortgage insurance (PMI) to be cancelled when:Finance
- The primary federal law governing the cleanup of contaminated properties and holding responsible parties liable for hazardous waste cleanup is:Environmental
- Lead-based paint disclosure requirements under federal law apply to:Environmental
Key Terms to Know
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
State-Specific Concepts
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →