Land Use & ZoningIntermediateAlaska Exam
In Alaska, a certificate of occupancy (CO) is issued when:
AA building permit application is submitted
BA building has passed required inspections and complies with applicable building codesCorrect
CThe property is transferred to a new owner, a pattern seen in many similar transactions
DThe lender approves the construction loan
Why A building has passed required inspections and complies with applicable building codes Is Correct
Answer B: A building has passed required inspections and complies with applicable building codes
A certificate of occupancy is issued by the local building authority after a building passes all required inspections, certifying that it complies with building codes and is safe for its intended use.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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