Ontario Real Estate Licensing Exam Practice · Question
A buyer in Kingston, Ontario, is purchasing a detached home, and the seller has offered to carry back a portion of the financing. What is this arrangement typically called?
A vendor take-back mortgage occurs when the seller provides some or all of the mortgage financing to the buyer, often simplifying the transaction and potentiall
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Question: A buyer in Kingston, Ontario, is purchasing a detached home, and the seller has offered to carry back a portion of the financing. What is this arrangement typically called?
Answer options: ✅ A vendor take-back mortgage
- A bridge loan
- A conventional uninsured mortgage
- A chattel mortgage
Correct answer: A vendor take-back mortgage
Explanation: A vendor take-back mortgage occurs when the seller provides some or all of the mortgage financing to the buyer, often simplifying the transaction and potentially offering better terms.
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