Finance
In Nevada, a purchase money mortgage is one where:
AThe buyer pays cash at closing
BThe seller provides financing to the buyer as part of the purchase transaction✓ Correct
CThe buyer's bank lends money to purchase the property
DThe government subsidizes the interest rate
Explanation
A purchase money mortgage is seller financing — the seller extends credit to the buyer as part of the purchase transaction, often in lieu of or in addition to third-party financing. It creates a mortgage or deed of trust in favor of the seller.
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