Finance
A Wyoming seller agrees to carry back a second mortgage for $40,000. This arrangement is called:
ASeller financing (purchase money mortgage)✓ Correct
BA bridge loan
CA wraparound mortgage
DA reverse mortgage
Explanation
Seller financing (purchase money mortgage) occurs when the seller acts as the lender and carries back a mortgage for part of the purchase price, allowing the buyer to finance through the seller rather than a bank.
Related Wyoming Finance Questions
- A Wyoming 'wraparound mortgage' could potentially violate the original first mortgage's:
- What is the loan-to-value (LTV) ratio on a Wyoming property purchased for $400,000 with a $320,000 loan?
- Private mortgage insurance (PMI) on a Wyoming conventional loan is typically required when the LTV exceeds:
- A Wyoming buyer with a 760 credit score applying for a conventional loan versus a buyer with a 680 credit score will likely receive:
- Wyoming uses which instrument to secure a real estate loan as the primary alternative to a mortgage?
- A Wyoming commercial loan that includes a 'due-on-sale' clause means:
- The 'secondary mortgage market' is important to Wyoming real estate because it:
- Wyoming has adopted the Uniform Commercial Code (UCC), which governs the sale of which type of property that sometimes overlaps with real estate transactions?
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →