Finance
In Massachusetts, 'seller concessions' at closing most commonly refer to:
AThe seller reducing the asking price
BThe seller contributing funds toward the buyer's closing costs✓ Correct
CThe seller paying the buyer's property taxes for a year
DThe seller leaving appliances in the home
Explanation
Seller concessions (seller contributions) are amounts the seller agrees to pay toward the buyer's closing costs. They reduce the buyer's out-of-pocket expenses at closing.
Related Massachusetts Finance Questions
- Under the Massachusetts Consumer Credit Cost Disclosure Act, lenders must disclose the Annual Percentage Rate (APR). The APR is higher than the note rate because:
- In Massachusetts, 'hard money' loans are typically characterized by:
- A Massachusetts commercial mortgage lender uses a 'debt yield' test, which compares:
- The Equal Credit Opportunity Act (ECOA) prohibits mortgage lenders from discriminating based on all of the following EXCEPT:
- In Massachusetts, a 'wraparound mortgage' involves:
- Massachusetts first-time homebuyers may benefit from the federal mortgage interest deduction, which allows them to:
- In Massachusetts, a 'construction loan' is typically converted to:
- A conventional mortgage with less than 20% down payment typically requires:
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →