Environmental
An Oklahoma property owner near the Arkansas River floodplain may be required to purchase flood insurance if:
AThey choose to voluntarily
BTheir property is in a Special Flood Hazard Area (SFHA) and they have a federally backed mortgage; FEMA's NFIP provides flood coverage in participating communities✓ Correct
CThe DEQ requires it for all riverfront properties
DThey own more than 10 acres of land
Explanation
Properties in FEMA-designated Special Flood Hazard Areas (100-year floodplain) with federally backed mortgages must carry flood insurance through the National Flood Insurance Program (NFIP) or a private flood insurer. Oklahoma has many flood-prone areas.
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Key Terms to Know
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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.
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