When a Zoning Ordinance Is Adopted,any Existing Property Used for a Purpose

question 25

Multiple Choice

When a zoning ordinance is adopted,any existing property used for a purpose that does not conform to the zoning ordinance:

• A) must be demolished.
• B) must no longer be used for a nonconforming use or purpose.
• C) may be used for any use that does not conform to the zoning regulation.
• D) may continue to be used for the same nonconforming use.

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Definitions:

Floating-Rate Loan

A loan with an interest rate that adjusts periodically based on a reference interest rate index, reflecting changes in market interest rates.

Savings And Loan Industry

A segment of the financial industry focused on accepting savings deposits and making mortgage and other loans to individuals and businesses.

Interest Rates

The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.

Interest Rate Swap

A financial derivative contract in which two parties agree to exchange one stream of interest payments for another, based on a specified principal amount.