A Colorado homeowner discovers that their property is within a FEMA Special Flood Hazard Area (SFHA). If they obtain federally backed financing, they will be required to:
Why Purchase flood insurance through the National Flood Insurance Program (NFIP) Is Correct
Answer B: Purchase flood insurance through the National Flood Insurance Program (NFIP)
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.
Key Environmental Terms in This Question
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Key Terms to Know
Official permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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