Environmental
Flood zone designations on a Mississippi property are determined by:
AMREC
BMDEQ
CFEMA through Flood Insurance Rate Maps (FIRMs)✓ Correct
DThe Mississippi Department of Agriculture
Explanation
FEMA administers the National Flood Insurance Program and publishes Flood Insurance Rate Maps (FIRMs) that designate flood zones. Properties in high-risk zones (Special Flood Hazard Areas) typically require flood insurance when financed with a federally backed loan.
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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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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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