Building Codes Illustrate the Variability of State-Local Authority

question 21

Multiple Choice

Building codes illustrate the variability of state-local authority. Which of the following options are true?

• A)Twelve states have a mandatory statewide building code run by local governments and enforced by state officials.
• B)Thirteen states have mandatory statewide codes but do not have state oversight.
• C)Seventeen states have no comprehensive building codes, only local codes.
• D)All of the above are true.

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Definitions:

Bond Duration

A measure of the sensitivity of a bond's price to changes in interest rates, representing the weighted average time until a bond's cash flows are received.

Coupon Rate

The annual interest rate paid on a bond, expressed as a percentage of the face value.

Yield To Maturity

The total return anticipated on a bond if it is held until the maturity date, taking into account both the interest payments and capital gains or losses.

Bond Duration

The weighted average time until the cash flows of a bond are received, serving as an indicator of the bond's sensitivity to interest rate changes.