Finance
In a Pennsylvania mortgage, the note is different from the mortgage in that:
AThey are the same document with different names
BThe note is the personal promise to repay the debt; the mortgage is the lien on the property securing the note✓ Correct
CThe mortgage is the personal promise; the note creates the property lien
DThe note is recorded; the mortgage is not
Explanation
In Pennsylvania residential lending: the promissory note is the borrower's personal obligation (IOU) to repay the loan. The mortgage is the lien instrument pledging the property as collateral. Both are signed at closing, but the mortgage (not the note) is recorded to perfect the lien on the property.
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