A condominium unit is located in an SFHA, but the condominium association maintains a master flood insurance policy. What additional requirement applies to the individual unit owner's loan?
Correct Answer
C) Individual coverage is required for the unit and any betterments
Even when a condominium association has master flood insurance, individual unit owners must still obtain flood insurance covering their unit and any improvements or betterments they have made, as required by the Flood Disaster Protection Act.
Why This Is the Correct Answer
Even when a condominium association has master flood insurance, individual unit owners must still obtain flood insurance covering their unit and any improvements or betterments they have made, as required by the Flood Disaster Protection Act.
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Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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A borrower refinances their home on Monday and receives proper TILA disclosures. On Wednesday, they decide to rescind but realize they need the loan proceeds to pay off credit cards due Thursday. What happens if they rescind?
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