Final answer:
The transaction is a sale involving a vendor take back mortgage, where Smith buys the property from Jones and pays over time with the property as collateral.
Step-by-step explanation:
The transaction between Jones and Smith where Jones conveys parcel c to Smith, and Smith provides a vendor take back mortgage to Jones for the purchase price is a sale. In this scenario, Jones is selling the property to Smith, and instead of Smith getting a mortgage from a bank and paying Jones in full, Smith is providing a mortgage directly back to Jones. This means that Smith agrees to pay Jones the purchase price over time, with the property as collateral. This sale is facilitated by a vendor take back mortgage, which is a type of owner financing.