Finance
Vermont's note (promissory note) in a mortgage transaction is:
AThe security instrument creating the lien
BThe borrower's personal promise to repay the loan, separate from the mortgage which is the security instrument✓ Correct
CThe deed transferring property to the lender
DThe title insurance commitment
Explanation
The promissory note is the borrower's personal promise to repay the debt. The mortgage (or deed of trust) is the separate security instrument that pledges the real property as collateral. Both documents work together in a mortgage transaction.
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