Under which arrangement does a buyer lock in a seller with none, some, or all of the payments applying to the purchase price?

I. Lease option

II$.$ Open$-$end mortgage

III. Bridge loan

IV$.$ Reverse annuity mortgage

a$.$ I

b$.$ II

c$.$ III

d$.$ IV

Which type of loan is short term, interest$-$only, and is in a junior position?

I. Lease option

II$.$ Open$-$end mortgage

III. Bridge loan

IV$.$ Reverse annuity mortgage

a$.$ I

b$.$ II

c$.$ III

d$.$ IV

A leasehold mortgage based essentially upon a tenant's financial strength is called

a$.$ a junior loan.

b$.$ a purchase$-$money loan.

c$.$ a credit loan.

d$.$ a term loan.

With an underlying existing mortgage balance of $$15,000$ at $7\%$ interest, the interest override earned on a $$25,000$ wraparound at $10\%$ interest is

a$.$ $$1,050.$

b$.$ $$1,145.$

c$.$ $$3,000.$

d$.$ $$1,450.$