Contracts
In Michigan, a 'bridge loan' is best described as:
AA permanent 30-year mortgage
BShort-term financing that 'bridges' the gap between buying a new home and selling an existing one✓ Correct
CA construction loan for new home builders
DA federally-guaranteed mortgage program
Explanation
A bridge loan provides temporary short-term financing to allow a buyer to purchase a new property before their existing home sells, 'bridging' the financial gap until the proceeds from the sale of the old home are available.
Related Michigan Contracts Questions
- In Michigan, a 'walk-through inspection' before closing is intended to:
- In Michigan, a 'lease with option to purchase' typically requires the tenant to:
- A Michigan purchase agreement is 'executory' when:
- In Michigan, an 'assignment' of a purchase agreement occurs when:
- Which clause in a Michigan purchase agreement specifies that time limits are strictly enforced?
- Under Michigan law, the Seller's Disclosure Statement must be updated and re-delivered to the buyer if the seller becomes aware of a new material defect:
- A Michigan buyer who defaults on a purchase agreement may face which of the following remedies from the seller?
- In Michigan, the 'merger doctrine' (or doctrine of merger) in real estate contracts holds that:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →