What type of loan was agreed upon when Q carried a loan after receiving $15,000 down for the home purchase?

The correct choice is a purchase money mortgage, which is a type of loan specifically used to finance the purchase of real estate. In this scenario, Q received a $15,000 down payment for the home purchase, which is typically a part of the structure of a purchase money mortgage. This type of mortgage allows the buyer to borrow money from the seller to cover the remaining balance of the purchase price after the down payment, facilitating the sale and enabling buyers to secure financing directly related to the purchase of the property.

In contrast, the other types of loans mentioned do not align with the nature of the transaction described. A discounted loan or note refers to a financial instrument sold at less than its face value, which does not apply to the straightforward home purchase context. A wraparound loan involves a new mortgage that wraps around an existing one, allowing the buyer to make payments on both loans, which is not indicated here. Lastly, a double contract refers to a situation where two separate agreements are made for the same transaction, often used to deceive lenders, and this is illegal, but again, it does not reflect the situation of a simple home purchase with a down payment.

Thus, the nature of the transaction clearly indicates it is a purchase money mortgage due to