Property Ownership
A 'mortgage note' in Louisiana serves as:
AThe document that transfers title to the buyer
BThe borrower's personal promise to repay the loan✓ Correct
CThe lender's certificate of insurance
DThe appraisal report required by the lender
Explanation
A mortgage note (also called a promissory note) is the borrower's written promise to repay the loan under the specified terms. The mortgage itself is the security interest that gives the lender a lien on the property.
Related Louisiana Property Ownership Questions
- A condominium declaration in Louisiana must be recorded in:
- In Louisiana, which of the following describes 'alluvion'?
- In Louisiana, minerals below the surface of a property (subsurface rights) are:
- In Louisiana, a property donated to a child as a birthday gift is classified as:
- When a Louisiana property owner places immovable property in an LLC, the LLC:
- In Louisiana, 'naked ownership' refers to:
- In Louisiana, 'acquisitive prescription' is similar to which common law doctrine?
- In Louisiana, a mineral servitude allows the holder to:
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →