ContractsInstallment_contracts_and_land_contractsEASY
Casey Patel agrees to accept monthly payments from Morgan Flores over time and carry back part of the purchase price instead of requiring a bank loan for the full amount. What financing method is this?
Correct Answer
A) Seller financing
Seller financing is correct because the facts match a transaction in which the seller extends credit to the buyer instead of the buyer obtaining all financing from a traditional institutional lender. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Seller financingB
Equitable interestC
Legal titleD
Right of possessionWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
installment_contracts_and_land_contractsfinancingseller_financingcarryback
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