FinanceCâu 83 / 120
A mortgage is best described as which type of instrument in the financing process?
a.A security instrument that pledges property as collateral for a debt
b.The promise to repay the debt itself
c.A deed transferring full ownership to the lender
d.A lease of the property to the lender
Giải thích
A mortgage is the security instrument that pledges real property as collateral for a loan, creating a lien. The promissory note is the separate document that contains the borrower's promise to repay. Together, the note and mortgage document the loan obligation and its security.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A prepayment penalty in a loan is a charge for:
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