Environmental
Oregon requires disclosure of whether a property is in a 100-year floodplain. The standard source for this information is:
AThe Oregon DEQ flood database
BFEMA's Flood Insurance Rate Maps (FIRMs) maintained through the National Flood Insurance Program✓ Correct
CThe county assessor's natural hazard overlay maps
DThe Army Corps of Engineers permit records
Explanation
FEMA's Flood Insurance Rate Maps (FIRMs) are the official source for determining whether a property is in a Special Flood Hazard Area (100-year floodplain). Properties in high-risk flood zones may be required to carry flood insurance if they have federally backed mortgages.
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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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
State-Specific Concepts
Disclosure Requirements
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