Environmental
Which federal agency administers the National Flood Insurance Program (NFIP) relevant to Iowa flood-prone properties?
AEPA
BFEMA✓ Correct
CHUD
DArmy Corps of Engineers
Explanation
The Federal Emergency Management Agency (FEMA) administers the National Flood Insurance Program (NFIP). Iowa property owners in designated flood zones must carry flood insurance if their property has a federally backed mortgage.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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