Finance
In South Carolina, a 'purchase money second mortgage' is created when:
AThe buyer takes out two mortgages simultaneously from the same lender
BThe seller carries back a second lien as part of the financing✓ Correct
CThe first mortgage exceeds conforming loan limits
DThe buyer needs additional funds for renovations
Explanation
A purchase money second mortgage is a junior lien created at the time of purchase, often carried back by the seller to help finance the transaction. It is subordinate to the first mortgage.
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