Finance
In North Dakota, what is a 'purchase money mortgage' (PMM)?
AA mortgage used to purchase personal property
BA mortgage given by the buyer to the seller or third-party lender to finance all or part of the purchase price✓ Correct
CA mortgage that must be paid before the buyer purchases the property
DA government-backed mortgage only
Explanation
A purchase money mortgage is given in connection with the purchase of real property, where the buyer gives a mortgage to the seller (seller financing) or a third-party lender as security for all or part of the purchase price.
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