New Jersey Real Estate Practice Exam Free Practice Question
A seller is interested in providing financing to the buyer of a home, but the seller wants to retain title until the loan balance is paid off. Which of the following would be the best loan option?
Correct Answer: C
Rationale: A contract for deed allows the seller to retain title to the property while the buyer makes payments, ensuring the seller's interests are protected until the loan is fully paid off.
Option A, an asset integrated mortgage, is not a recognized term in real estate financing and does not serve the seller's intent.
Option B, a wraparound mortgage, involves a new mortgage that encompasses an existing one, which may not provide the same level of title retention for the seller.
Option D, subordination of deed, refers to prioritizing debts and does not pertain to seller financing or retaining title.
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