Finance
A Missouri seller who takes back a 'purchase money mortgage' from the buyer is acting as:
AA real estate agent
BThe lender, financing part or all of the purchase price✓ Correct
CA trustee
DA co-borrower on a conventional loan
Explanation
Owner/seller financing (purchase money mortgage) in Missouri occurs when the seller lends the buyer part or all of the purchase price instead of requiring the buyer to obtain conventional financing. The seller receives mortgage payments over time.
Related Missouri Finance Questions
- Missouri's MHDC (Missouri Housing Development Commission) First Place Loan program offers:
- A Missouri borrower's credit score primarily affects their mortgage in terms of:
- When a Missouri borrower assumes an existing mortgage, they:
- A 'due-on-sale' clause in a Missouri deed of trust requires:
- Regulation Z (TILA) in Missouri requires lenders to disclose which of the following to borrowers?
- Under the CRA (Community Reinvestment Act), Missouri lenders are encouraged to:
- A Missouri borrower's debt-to-income ratio is 45%. Most QM guidelines consider this:
- A Missouri lender charges a 1% origination fee on a $195,000 loan. What is the origination fee?
Practice More Missouri Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Missouri Quiz →