Finance
In Kansas, a 'short sale' occurs when:
AA property sells quickly below asking price
BA lender agrees to accept less than the full mortgage balance from a sale, releasing the remaining lien✓ Correct
CAn investor purchases a distressed property
DA seller closes without a real estate agent
Explanation
A short sale is when the lender agrees to accept proceeds from a sale that are less than the mortgage balance owed, releasing the lien on the property. The lender must approve the transaction.
Related Kansas Finance Questions
- In Kansas, the 'Closing Disclosure' must be provided to the borrower how many business days before consummation?
- What is a 'conforming loan' and how does it differ from a jumbo loan in Kansas?
- In Kansas, a '2/1 buydown' mortgage means the interest rate is:
- What is a 'second mortgage' (junior lien) in Kansas real estate?
- What is 'assumption of mortgage' and when might it occur in Kansas?
- In Kansas, a 'participatory mortgage' allows the lender to receive, in addition to interest:
- A Kansas buyer with a gift from a family member for the down payment must provide their lender with a:
- In Kansas, what is a 'conforming loan'?
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →