FinanceCâu 69 / 120
In a typical mortgage loan, the document that serves as the borrower's written promise to repay the debt is the:
a.Deed of trust
b.Promissory note
c.Warranty deed
d.Title commitment
Giải thích
The promissory note is the borrower's personal promise to repay the loan under stated terms. The deed of trust (or mortgage) is the separate instrument that pledges the property as security for that note.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Texas commonly uses a 'deed of trust' rather than a traditional mortgage. In a deed of trust, the neutral third party who holds legal title until the loan is repaid is the:
- A loan feature that lets the lender declare the entire remaining balance due upon borrower default is a(n):
- A 'due-on-sale' (alienation) clause in a mortgage generally:
- In an amortized loan, the early payments are applied:
- The four components commonly abbreviated as 'PITI' in a monthly housing payment are:
- Private mortgage insurance (PMI) on a conventional loan is generally required when the borrower's down payment is:
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