Flood plain regulations are particularly important in Missouri because:
Correct Answer
B) The Missouri and Mississippi River corridors create extensive flood hazard areas, and flood insurance is required for federally backed mortgages in FEMA flood zones
Missouri has experienced catastrophic flooding (1993 Great Flood, 2019). Properties in FEMA-designated Special Flood Hazard Areas along the Missouri, Mississippi, and other rivers require flood insurance for federally backed loans.
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Related Topics & Key Terms
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Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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