Written offers to purchase real estate in New Jersey must be presented to seller within

A$.24$ hours

B$.48$ hours

C$.3$ days

D$.7$ days

Answer A

A seller wants $$120,000$ for his home, and still owes $$20,000$ of his original loan at $7\%.$ The

current interest rate is $12\%.$ A buyer can pay $$60,000$ down and wants to carry a mortgage that

includes the seller's $$20,000$ existing mortgage and the remaining $$40,000$ for a total of $$60,000$

at an interest rate of $10\%.$ What kind of mortgage loan is this?

A$.$ Blanket.

B$.$ Equity

C$.$ Wraparound

D$.$ Buy$-$down

Correct answer