Contracts
What is a seller carryback (seller financing) arrangement in Nevada real estate?
AThe seller carries the buyer's belongings during the move
BThe seller acts as the lender, accepting a promissory note secured by a deed of trust instead of full cash at closing✓ Correct
CA sales arrangement where the seller carries liability for future defects
DA government subsidy carried by the seller for first-time buyers
Explanation
In a seller carryback, the seller accepts a promissory note (secured by a deed of trust) from the buyer instead of receiving the full purchase price in cash. This allows buyers who cannot obtain conventional financing to purchase property and provides sellers with a steady income stream.
Related Nevada Contracts Questions
- What is 'impossibility of performance' as a defense to contract breach in Nevada?
- Which of the following makes a real estate contract void in Nevada?
- An 'as-is' clause in a Nevada purchase contract means:
- In Nevada, which of the following best describes specific performance as a contract remedy?
- In Nevada, a listing agreement is a contract between:
- A counteroffer in Nevada real estate practice legally:
- What is the legal effect of a unilateral contract in Nevada real estate?
- Under Nevada real estate law, which contract clause allows a buyer to exit if they cannot obtain financing?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →