Finance
Purchase money mortgage in Utah refers to:
AAny mortgage used to purchase property
BA mortgage given by the buyer to the seller as part of the purchase price (seller financing)✓ Correct
CA government-backed mortgage for purchasing a first home
DA mortgage funded by the buyer's cash savings
Explanation
A purchase money mortgage is a loan given by the seller to the buyer as part of the transaction—seller financing. The buyer signs a promissory note and mortgage/deed of trust to the seller, who essentially loans the purchase price rather than receiving all cash.
Related Utah Finance Questions
- The debt-to-income (DTI) ratio for a conventional mortgage typically should not exceed:
- A due-on-sale clause in a Utah deed of trust:
- The Truth in Lending Act (TILA) requires lenders to provide the Loan Estimate to a borrower within 3 business days of:
- A Utah lender who 'redlines' in mortgage lending is:
- In Utah, a deficiency judgment after foreclosure means:
- A promissory note in a Utah real estate transaction:
- The annual percentage rate (APR) on a mortgage loan is higher than the stated interest rate because it:
- The Truth in Lending Act (TILA) requires lenders to disclose:
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