QUESTION 12 In a lien theory state a buyer purchases property and gives the seller a mortgage as part of the purchase price. The buyer is the borrower a lender. Which of these statements is true? O The buyer retains only equitable title to the property. If the buyer defaults on the loan, the seller always must undergo a formal foreclosure proceeding to recover the security. The buyer has given legal title to the seller. The seller has only a lien interest in the property.

In a lien theory state a buyer purchases property and gives the seller a mortgage as part of the purchase price. The buyer is the borrower lender. Which of these statements is true? The buyer retains only equitable title to the property. If the buyer defaults on the loan, the seller always must undergo a formal foreclosure proceeding to recover the security The buyer has given legal title to the seller. The seller has only a lien interest in the property