Finance
What is 'mortgage note' in Rhode Island real estate finance?
AThe recorded mortgage deed at the Registry of Deeds
BThe borrower's personal promise to repay the loan—the promissory note secured by the mortgage✓ Correct
CThe lender's appraisal instruction
DThe closing disclosure
Explanation
The mortgage note (or promissory note) is the borrower's personal promise to repay the loan. It is a negotiable instrument that can be sold in the secondary market. The mortgage deed secures this note with the real property.
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