TRUE/FALSE. Christina sells a parcel of land for $18,000 in cash and the buyer assumes Christina's mortgage of $12,000 on the land. Christina's amount realized is $30,000.

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30-11-2022
Business

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TRUE/FALSE. Christina sells a parcel of land for $18,000 in cash and the buyer assumes Christina's mortgage of $12,000 on the land. Christina's amount realized is $30,000.

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Tutorconsortium255 Tutorconsortium255 · Answer 1 · 2022-12-01T19:17:33+01:00

A land parcel owned by Christina is sold for $18,000 cash, with the $12,000 mortgage on the property being taken over by the purchaser. $30k has been made available to Christina. True is the answer.

What Is A Mortgage?

Real estate financing often involves a particular type of loan called a mortgage. Not all loans are mortgages, despite being a particular kind of loan.

When you apply for a mortgage, your lender will give you a predetermined amount of money to buy the house. You agree to pay interest while repaying your loan over a period of years. The mortgage lender continues to have a claim to the home as long as the loan is not fully repaid.

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