Finance
Iowa's promissory note is the borrower's:
ATitle document for the property
BPersonal promise to repay the loan amount with interest under specified terms✓ Correct
CAuthorization for the lender to take the property
DDisclosure of the property's condition
Explanation
A promissory note is the borrower's personal, written promise to repay a specified loan amount with interest, under stated terms. It creates the debt obligation. The mortgage or deed of trust is the separate security instrument pledging the real property as collateral.
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