Finance
In Oklahoma, a purchase money mortgage (PMM) is a mortgage given to:
ARefinance an existing mortgage
BThe seller by the buyer as part of the purchase price (seller financing)✓ Correct
CAn institutional lender for a construction project
DThe government for a tax-deferred exchange
Explanation
A purchase money mortgage is given by the buyer to the seller (or a third-party lender) as part of the purchase price, essentially allowing the seller to carry back financing. PMMs have special priority rules in some states.
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