Suppose a Buyer Agrees to Purchase a Tract of Land

question 24

Multiple Choice

Suppose a buyer agrees to purchase a tract of land for $40,000. The buyer is only able to obtain a mortgage for $32,000. Rather than let the deal fall through, the seller agrees to accept $4,000 in cash and a note from the buyer for the remaining $4,000. This type of transaction is commonly referred to as a:

• A) conventional loan
• B) home equity mortgage
• C) purchase money mortgage
• D) reverse mortgage

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Definitions:

Job Interviews

A formal meeting in which a potential employer evaluates a job applicant's qualifications and suitability for a position.

Computer-Mediated Interviews

Interviews conducted using computers or online technology to facilitate communication between the interviewer and the interviewee.

Face-To-Face Interviews

A method of data collection where the interviewer and respondent are in direct contact, allowing for immediate feedback and clarification.

Good Judge Of Personality

A term describing individuals who have the ability to accurately understand and assess others' personalities, emotions, and motivations.