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Mortgages & Promissory Notes Practice Exam 2026/2027 VERSION WITH QUALITY QUESTIONS AND VERIFIED ANSWERS WITH RATIONALES AND PDF DOWNLOAD. 1. A mortgage primarily serves as: A. Proof of ownership B. Security for a loan C. Property tax record

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Mortgages & Promissory Notes Practice Exam 2026/2027 VERSION WITH QUALITY QUESTIONS AND VERIFIED ANSWERS WITH RATIONALES AND PDF DOWNLOAD. 1. A mortgage primarily serves as: A. Proof of ownership B. Security for a loan C. Property tax record D. Insurance contract Answer: B Rationale: A mortgage secures repayment of a loan using real property as collateral. 2. The borrower in a mortgage is called the: A. Mortgagee B. Trustee C. Mortgagor D. Beneficiary Answer: C Rationale: The mortgagor is the borrower who pledges property. 3. The lender in a mortgage is called the: A. Mortgagor B. Mortgagee C. Grantor D. Lessee Answer: B Rationale: The mortgagee is the lender who receives the security interest.

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Mortgages &
Promissory Notes
Practice Exam
2026/2027 VERSION
WITH QUALITY
QUESTIONS AND
VERIFIED ANSWERS
WITH RATIONALES
AND PDF DOWNLOAD.

,1. A mortgage primarily serves as:
A. Proof of ownership
B. Security for a loan
C. Property tax record
D. Insurance contract
Answer: B
Rationale: A mortgage secures
repayment of a loan using real property
as collateral.


2. The borrower in a mortgage is called
the:
A. Mortgagee
B. Trustee
C. Mortgagor

,D. Beneficiary
Answer: C
Rationale: The mortgagor is the
borrower who pledges property.


3. The lender in a mortgage is called
the:
A. Mortgagor
B. Mortgagee
C. Grantor
D. Lessee
Answer: B
Rationale: The mortgagee is the lender
who receives the security interest.

, 4. A promissory note is:
A. Title to property
B. A promise to repay a loan
C. A deed transfer
D. A tax document
Answer: B
Rationale: A promissory note is the
borrower’s written promise to repay
debt.


5. Which document creates a lien on
real property?
A. Promissory note
B. Deed
C. Mortgage or deed of trust

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