Indiana flood plain properties along the Wabash and White River corridors require:
Correct Answer
B) Flood insurance for federally backed mortgages if in a FEMA Special Flood Hazard Area, plus compliance with local floodplain management ordinances
Properties in FEMA-designated flood zones along Indiana's major river corridors (Wabash, White, Ohio) require flood insurance for federally backed loans and must comply with local floodplain development regulations.
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Related Topics & Key Terms
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Related Concepts
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.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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