Environmental
Floodplain regulations in Kansas require properties in a 100-year floodplain to:
ABe demolished and not rebuilt
BCarry flood insurance if a federally-backed mortgage is used✓ Correct
CPay special KDHE assessments
DBe sold only to commercial buyers
Explanation
Federal law requires flood insurance for properties in designated 100-year floodplains (Special Flood Hazard Areas) when a federally-backed mortgage is used.
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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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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