Finance
What is a promissory note in Nevada real estate?
AA note from the buyer promising to show up at closing
BA written, unconditional promise by the borrower to repay a specified sum of money to the lender at a stated interest rate and on specified terms✓ Correct
CA note from the seller acknowledging receipt of earnest money
DThe purchase contract's financial terms section
Explanation
A promissory note is the personal liability document in a mortgage transaction — the borrower's written promise to repay the debt. It specifies the loan amount, interest rate, payment schedule, and consequences of default. The deed of trust provides the property as collateral security for the note.
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