Finance
Which of the following best describes a 'purchase money mortgage'?
AA mortgage used to finance improvements to an existing property
BSeller financing provided to a buyer as part of the property purchase✓ Correct
CA mortgage with a fixed interest rate for the purchase of real property
DA government-backed loan for first-time homebuyers
Explanation
A purchase money mortgage is financing provided by the seller to the buyer as part of the purchase transaction. California law provides purchase money mortgages with special protection against deficiency judgments after foreclosure.
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