Environmental
Oklahoma tornadoes and severe weather events affect real estate values and insurance because:
AThey only affect commercial properties
BOklahoma is in Tornado Alley; properties in high-risk areas may face higher insurance premiums, reduced values, and buyers may require evidence of storm shelter features✓ Correct
CInsurance is not affected by natural disaster risk in Oklahoma
DOnly properties damaged in the last tornado need disclosure
Explanation
Oklahoma's severe tornado risk affects insurance costs, property values, and buyer preferences. Properties with storm shelters, reinforced construction, or impact-resistant features may command premiums.
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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.
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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
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