A single loan is secured by both real estate and personal property, such as a...

The correct answer is A, Package loan. A package loan is secured by a combination of real property and personal property.

For example, a furnished hospitality property or vacation unit might be financed together with appliances, furniture, equipment, or other personal property used with the real estate. The lender therefore receives collateral rights encompassing both asset classifications.

This differs from a blanket mortgage, which generally covers multiple parcels of real estate under one mortgage and is often used in subdivision or portfolio financing.

A reverse mortgage is a specialized home-equity product generally available to qualifying older homeowners. An open-end mortgage allows additional advances under an existing security arrangement subject to the applicable loan terms.

The examination concept tests the distinction between realty and personalty. Whenever both are financed together as collateral under a single arrangement, package financing is the appropriate classification.

Study Guide Reference: Financing — Types of Mortgage Loans; Package versus Blanket Financing.