Environmental
Indiana's Integrated Pest Management (IPM) approach in real estate is relevant because:
AIt only applies to agricultural property
BPest-related damage (termites, wood-boring insects) is a material defect that must be disclosed and can significantly affect structural integrity✓ Correct
CIPM is only required in commercial properties
DPest inspections are only required for FHA loans
Explanation
Termites and other wood-destroying insects are significant concerns in Indiana residential real estate. Known pest damage or active infestations are material defects requiring disclosure, and many lenders (including FHA/VA) require pest inspections.
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Key Terms to Know
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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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