What is the significance of a FEMA flood zone 'AE' designation on a Delaware property?
Why The property is in the Special Flood Hazard Area (100-year floodplain) with a base flood elevation determined, requiring flood insurance for federally backed loans Is Correct
Answer B: The property is in the Special Flood Hazard Area (100-year floodplain) with a base flood elevation determined, requiring flood insurance for federally backed loans
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.
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Key Terms to Know
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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.
VarianceOfficial 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.
State-Specific Concepts
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