Environmental
A Hawaii property located in a '500-year floodplain' is in a zone where flooding has a probability of occurring in any given year of approximately:
A0.2%✓ Correct
B1%
C2%
D5%
Explanation
A 500-year floodplain has a 0.2% chance of flooding in any given year (1 in 500).
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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