Environmental
What is a 'special flood hazard area' (SFHA) in Nevada and what does it mean for property owners?
AAn area where flooding never occurs
BA FEMA-designated area with at least a 1% annual chance of flooding (100-year flood plain) — federally backed mortgage loans require flood insurance and development is restricted✓ Correct
CA designated storm drain easement
DAn area only near Lake Mead in Nevada
Explanation
FEMA's SFHAs (typically Zone A or Zone AE) identify land with a 1% annual flood chance. Property in an SFHA with a federally backed mortgage requires flood insurance (NFIP or private).
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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