Environmental
A Connecticut commercial property is located in a 100-year flood plain. The property currently lacks flood insurance. A buyer who obtains a federally related mortgage:
AMay choose whether to obtain flood insurance
BIs required by federal law to maintain flood insurance as a condition of the mortgage✓ Correct
COnly needs flood insurance if FEMA specifically requires it for that property
DMust elevate the building before purchasing flood insurance
Explanation
Federal law (the National Flood Insurance Reform Act) requires that lenders making federally related loans on properties in Special Flood Hazard Areas (100-year flood plains) require the borrower to obtain and maintain flood insurance as a condition of the loan.
Related Connecticut Environmental Questions
- A Connecticut property developer wants to build on a site near a wetland. Under the wetlands regulations, they must demonstrate that:
- A Connecticut buyer is purchasing an older industrial property. Prior to purchase, the buyer's attorney recommends an 'environmental lien search' in addition to the standard title search. The purpose is to:
- A Connecticut buyer learns that a nearby property was a former municipal landfill. The buyer should be aware of the potential for which environmental concern?
- Which Connecticut agency oversees environmental protection, including cleanup of contaminated properties?
- A Connecticut property has naturally occurring uranium in its well water above the EPA maximum contaminant level. Under Connecticut law, the seller must:
- A Connecticut building contains popcorn ceiling texture applied before 1980 that may contain asbestos. The best course of action before a renovation is to:
- Connecticut's Transfer Act requires environmental disclosure and potential remediation when:
- A Connecticut home buyer's inspection reveals a cracked chimney, peeling exterior paint, and signs of rodent activity. From an environmental health standpoint, which concern should be prioritized for immediate action?
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →