Finance
A seller in Alaska carries back a purchase money mortgage. This means:
AThe seller pays the buyer's mortgage
BThe seller acts as the lender, financing part or all of the purchase price✓ Correct
CThe seller deposits the purchase price into escrow
DThe mortgage is insured by the seller's title company
Explanation
A purchase money mortgage (seller carry-back) is seller financing where the seller extends credit to the buyer, receiving a promissory note and mortgage or deed of trust in return instead of full cash at closing.
Related Alaska Finance Questions
- In Alaska, 'mortgage insurance premium' (MIP) on an FHA loan is paid by the borrower to:
- In Alaska, a 'participation mortgage' is one in which:
- Which federal act prohibits lenders from discriminating in mortgage lending based on the racial composition of a neighborhood?
- An Alaska lender's 'primary rate' versus 'secondary market rate' means that:
- A home equity line of credit (HELOC) in Alaska is best characterized as:
- Under the Home Mortgage Disclosure Act (HMDA), lenders are required to:
- The 'Alaska Housing Finance Corporation' (AHFC) provides which of the following services?
- FHA loans in Alaska are distinguished from conventional loans primarily because FHA loans:
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →