Contracts
In Louisiana, a 'promissory note' in a real estate transaction is a:
APromise to show the property
BThe borrower's written promise to repay the loan, evidencing the debt and specifying repayment terms✓ Correct
CA preliminary title opinion
DAn escrow account authorization
Explanation
A promissory note (sometimes called a mortgage note) is the borrower's written promise to repay the loan, setting out the amount, interest rate, payment schedule, and other terms. The mortgage secures the note by pledging the property as collateral.
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