Finance
A North Dakota seller who takes back a purchase money mortgage is subject to all EXCEPT:
ARisk that the buyer may default
BIRS installment sale reporting for the interest component
CNDREC licensing requirements for acting as a lender✓ Correct
DDodd-Frank restrictions if the property is non-owner occupied
Explanation
A seller who takes back a purchase money mortgage (owner financing) does not need a real estate license for this activity. However, they should be aware of default risk, tax reporting requirements, and potential Dodd-Frank compliance if applicable.
Related North Dakota Finance Questions
- A North Dakota buyer assumes the seller's existing mortgage. The original borrower's liability under the assumed mortgage is:
- A property sells for $215,000. The buyer puts down 25%. What is the loan amount?
- Which of the following best describes a balloon mortgage?
- Points paid at closing on a mortgage loan are also called:
- A deed of trust differs from a mortgage in that it involves:
- A conforming loan is a mortgage that:
- A North Dakota buyer qualifies for a $200,000 mortgage at 6.5% for 30 years. Using the factor of $6.32 per $1,000 borrowed, what is the estimated monthly principal and interest payment?
- A North Dakota homebuyer obtains a 30-year fixed-rate mortgage at 7% for $280,000. Over the life of the loan, they will pay:
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →