EstatePass
Real Estate FinancingEASYFREE

A Florida mortgage that includes personal property is called a:

2:16
0 views

Question & Answer

Review the question and all answer choices

A

Package mortgage

Correct Answer
B

Blanket mortgage

A blanket mortgage covers multiple properties, not personal property. It's used by investors who want to finance several parcels with one loan, rather than including personal property in the security.

C

Wraparound mortgage

A wraparound mortgage involves a new loan that 'wraps around' an existing mortgage, where the borrower makes payments to the new lender who then pays the original lender. It doesn't involve personal property as security.

D

Purchase money mortgage

A purchase money mortgage is simply a mortgage used to finance the purchase of real property. It doesn't specifically include personal property as part of the security.

Why is this correct?

A package mortgage is correct because it specifically refers to a mortgage that includes both real property and personal property as collateral for the loan. This type of mortgage finances the property and its associated fixtures or appliances in a single loan instrument.

Ready to Ace Your Real Estate Exam?

Access 2,000+ free video lessons covering all 11 exam topics.