Humber/Ontario Real Estate Course 2 Exam Practice

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What is a seller take-back mortgage?

  1. A mortgage where the seller becomes the lender

  2. A second mortgage only

  3. Always a first mortgage

  4. An assumed mortgage by the buyer

  5. A mortgage facilitated by a credit union

  6. A mortgage insured by the government

The correct answer is: A mortgage where the seller becomes the lender

A seller take-back mortgage refers to a situation where the seller of a property also acts as the lender for the buyer. This means that instead of the buyer obtaining a mortgage from a traditional lender like a bank, the seller provides financing for the purchase directly. This option can be beneficial for both parties involved and can help facilitate the sale of a property, especially in situations where traditional financing may not be readily available. It allows for more flexible terms and conditions that can be negotiated between the buyer and the seller directly.

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