Environmental
Missouri's floodplain management requirements under the NFIP are important for real estate agents because:
AOnly affects properties built after 2000
BFlood zone designation affects insurability, mortgage requirements, and property value — key information for buyers✓ Correct
COnly affects commercial properties
DMREC sets all floodplain rules
Explanation
Understanding FEMA flood zones helps Missouri agents advise clients about flood insurance costs, lender requirements for federally-backed mortgages, flood risk, and the FIRM (Flood Insurance Rate Map) that shows flood zone designations.
People Also Study
Related Missouri Questions
- Missouri's floodplain regulations under the National Flood Insurance Program (NFIP) require participating communities to:Land Use & Zoning
- A Missouri property in a FEMA Special Flood Hazard Area (SFHA) requires flood insurance for:Environmental
- Missouri's Meramec River and other rivers create flood risks. Properties in designated FEMA flood zones require:Environmental
- Under Missouri's disclosure requirements, sellers must disclose if the property is located in a FEMA Special Flood Hazard Area (SFHA) because:Environmental
- A lender's title insurance policy in Missouri protects:Escrow & Title
- A floodplain designation in Missouri by FEMA affects property because:Land Use & Zoning
- A Missouri lender quotes a 7.5% annual interest rate. A borrower has a $120,000 loan. What is the first month's interest payment?Real Estate Math
- Under Missouri law, which party typically pays for the lender's title insurance policy at closing?Finance
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Study This Topic
Practice More Missouri Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Missouri Quiz →