Environmental
Oklahoma's groundwater depletion from the Ogallala Aquifer is a long-term real estate concern for western Oklahoma agricultural land because:
AIt increases property values by reducing competition
BAs water levels decline, irrigation becomes more expensive and eventually impractical, potentially converting irrigated farmland to dryland farming and reducing long-term agricultural land values✓ Correct
CThe aquifer is inexhaustible
DOnly affects land in Texas, not Oklahoma
Explanation
The Ogallala Aquifer underlies much of western Oklahoma. Decades of heavy irrigation have depleted it significantly.
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Key Terms to Know
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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
ZoningLocal 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.
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