Alabama Real Estate Practice Exam

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What additional items may a package mortgage cover?

  1. Insurance premiums

  2. Property taxes

  3. Personal property items and equipment

  4. Closing costs

The correct answer is: Personal property items and equipment

A package mortgage may cover personal property items and equipment in addition to the property itself, known as real property. This could include appliances, furniture, and other belongings within the home. While options A and B are also possible expenses that can be included in a mortgage, option C specifically mentions personal property which is not typically covered under a traditional mortgage. Option D, closing costs, is a one-time expense that is typically paid separately and would not be included in a package mortgage.

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