Environmental
In Indiana, a 100-year floodplain is defined as land that has a:
A1% annual chance of flooding in any given year✓ Correct
B100% chance of flooding every century
CFlooding event occurring exactly every 100 years
D10% annual chance of flooding
Explanation
A 100-year floodplain (or base flood) is land that has a 1% annual chance of flooding in any given year. FEMA maps these areas, and lenders typically require flood insurance for properties within them.
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Key Terms to Know
Zoning
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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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.
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