Environmental
In Tennessee, a property located within a 100-year floodplain requires flood insurance for:
AAll properties in Tennessee
BProperties with federally backed mortgages in FEMA-designated Special Flood Hazard Areas✓ Correct
COnly commercial properties
DOnly properties that have previously flooded
Explanation
The National Flood Insurance Program (NFIP) requires flood insurance for properties with federally backed mortgages (FHA, VA, Fannie Mae, Freddie Mac) located in FEMA-designated Special Flood Hazard Areas.
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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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