Indiana limestone industry properties may involve special appraisal considerations because:
Correct Answer
B) Properties near quarries may have mineral rights value, blasting concerns, and dust/noise impacts, while former quarry sites may have unique development potential
Indiana is famous for its limestone (Salem Limestone/Indiana Limestone), particularly in Lawrence and Monroe counties. Properties near active quarries face noise and dust impacts, while exhausted quarries may have development or recreational potential.
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An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
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