Escrow & Title
An Alaska buyer pays $450,000 for a property on which the seller has a $300,000 mortgage. At closing, the seller's net proceeds (ignoring other costs) are:
A$150,000✓ Correct
B$300,000
C$450,000
D$750,000
Explanation
Net proceeds = Sale price − Mortgage payoff = $450,000 − $300,000 = $150,000 (before commissions and other closing costs).
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