1. A "short sale" of real estate is:

Group of answer choices

a. sale that closes in less than 30 days

b. The sale of a house by someone who is not the owner; it is a way to profit from an anticipated decline in real estate prices

c. A sale in which the proceeds from the sale are less than the balance owed on the loan secured by the property sold

d. A sale in which the balance owed on the loan secured by the property sold is less than the proceeds from the sale

2. In regards to purchase-money mortgages, what scenario is not appropriate for its use?

Group of answer choices

a. The buyer cannot come up with the down payment needed to qualify for a mortgage

b. The seller wants to receive the gain from the sale in installments

c. Third-party mortgage financing is too expensive of unavailable

d. The seller desires to artificially raise the price of the property by receiving a higher-than-market interest rate