Finance
A West Virginia seller agrees to carry back a second mortgage to help the buyer close the transaction. The seller is acting as:
AA licensed mortgage lender
BA private lender providing seller financing✓ Correct
CAn institutional lender regulated by the state
DA government-sponsored enterprise
Explanation
When a seller carries back a second mortgage (or deed of trust), they are acting as a private lender providing seller financing. This is not regulated banking activity but is a form of creative financing to facilitate the sale.
Related West Virginia Finance Questions
- Under the federal Truth in Lending Act (TILA), what document summarizes key loan terms and must be provided to borrowers within three business days of application?
- In West Virginia, the primary security instrument used by lenders in mortgage transactions is a:
- A West Virginia buyer obtains a $250,000 FHA loan. What is the minimum down payment required?
- A West Virginia property has a gross rent multiplier (GRM) of 120 and monthly rent of $1,500. The estimated value is:
- Under RESPA, a 'kickback' in a real estate transaction refers to:
- A West Virginia buyer obtains an FHA loan. The minimum down payment required is:
- In West Virginia, a wraparound mortgage is best described as:
- The 'note rate' on a West Virginia mortgage refers to:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →