Granville owns a construction company and would like to purchase a mobile construction office. The bank would likely offer him a _____ mortgage.
A) chattel
B) real estate
C) revolving
D) term

Question

Quizplus · Accepted Answer

A mobile construction office is personal property, not real estate, so it would likely be financed through a chattel mortgage. A revolving mortgage is a type of loan that allows the borrower to continuously borrow and repay funds, whereas a term mortgage has a set term and repayment schedule.

Granville Owns a Construction Company and Would Like to Purchase