In the sale of a house, the seller agrees to owner-finance the property. The buyer becomes the owner of record of the property and the seller has a lien on the property. This type of financing agreement is called a:

A. Purchase money mortgage.
B. Contract for deed.
C. Land contract.
D. Reverse mortgage.

Answer: A. Purchase money mortgage.

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a. true b. false

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A buyer would make a backup offer if:

A. The seller had already accepted an offer from another buyer B. She wanted the offer to be contingent on sale of the house she currently owns C. She wants to respond to the sellers counter-offer D. She was waving a contingency from her original offer

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