Finance
In South Dakota, which of the following best describes a 'purchase money mortgage' (PMM)?
AA mortgage taken out to purchase investment property
BA mortgage given by the buyer to the seller as part of the purchase transaction, often for seller financing✓ Correct
CAny mortgage used to purchase real estate
DA government program for first-time buyers
Explanation
A purchase money mortgage is created at the time of purchase when the seller takes back a mortgage from the buyer rather than receiving all cash. It is a form of seller financing.
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