Explanation: A condominium is single-unit ownership within a multi-unit property. The owner holds title to the individual unit while sharing an undivided interest in the land and common areas such as hallways and amenities through the homeowners’ association. It is not defined by direct land ownership, since the land is collectively held. It also does not involve a proprietary lease, which belongs to cooperative housing, nor is it accurate to call the condominium itself a multi-family property, as that describes the structure rather than the ownership form.

Explanation: Blanket mortgage is specifically designed to cover two or more properties under a single loan, often used by builders and developers. An oversecured loan isn’t a loan type but simply describes when collateral exceeds the loan amount. A package mortgage includes both real property and personal property (such as appliances) as collateral, not multiple properties. A wrap-around mortgage incorporates an existing loan into new financing but doesn’t allow multiple properties to serve as collateral. Thus, the only loan type fitting this situation is the blanket mortgage.

Explanation: The instruments most commonly used to secure the purchase of real property are a promissory note and a mortgage. The promissory note is the borrower’s written promise to repay the loan, while the mortgage serves as the security instrument giving the lender rights to the property if repayment fails. A deed of trust and promissory note serve the same function in some states but are not used together with a mortgage. A mortgage and deed of trust are alternatives, not combined instruments, and a mortgage and lease have no connection in securing property financing.

Explanation: In Virginia, an individual may own up to four single-family houses and still be exempt from fair housing laws. Owning five exceeds the exemption limit, while two or three understate the actual threshold allowed. This exemption is narrow and comes with conditions, but four is the maximum number permitted.

Explanation: Need $370,000 net; divide by 0.93 ~ $397,849; closest choice is $396,450; others are far too low.