Finance
Under Florida law, a 'purchase money mortgage' is one in which:
AThe buyer pays cash with no financing
BThe seller acts as the lender and finances part of the purchase price✓ Correct
CThe mortgage is obtained from a commercial bank only
DThe funds come from a government assistance program
Explanation
A purchase money mortgage (PMM) is seller financing: the seller takes back a mortgage from the buyer as part of the purchase price. The buyer gives the seller a promissory note and mortgage instead of paying full cash at closing.
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