Finance
A Mississippi property is purchased using a contract for deed (also called a land contract or installment sale contract). In this arrangement:
AThe buyer receives the deed immediately
BThe seller retains legal title until the purchase price is paid in full; the buyer receives equitable title and possession✓ Correct
CThe purchase price must be paid within 1 year
DNo financing is involved
Explanation
In a contract for deed (land contract), the seller retains legal title as security while the buyer makes installment payments. The buyer receives possession and equitable title but does not receive the deed until the contract is paid in full.
Related Mississippi Finance Questions
- Under the Community Reinvestment Act (CRA), Mississippi lenders are evaluated on their efforts to:
- A Mississippi buyer qualifies for a VA loan. One advantage of a VA loan is:
- Under a Mississippi deed of trust, if the borrower defaults, the lender can foreclose through:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of receiving a loan application?
- A Mississippi buyer borrows $200,000 at 7.5% annual interest. What is the first month's interest charge?
- A Mississippi homeowner's equity position is defined as:
- A Mississippi homebuyer is comparing a 15-year mortgage at 5.5% versus a 30-year mortgage at 6.25% for a $200,000 loan. The advantage of the 15-year mortgage is:
- A 'due-on-sale' clause in a mortgage requires:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →