In Delaware, what is the primary concern with properties located in a FEMA-designated 100-year flood zone?
Why Federally backed mortgage borrowers must purchase flood insurance Is Correct
Answer B: Federally backed mortgage borrowers must purchase flood insurance
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Key Terms to Know
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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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