California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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A promise to pay off a loan to purchase a house is usually made by means of a

mortgage agreement
promissory note
deed of trust
lease agreement

The correct answer is: promissory note

A mortgage agreement is a type of loan document which detail the rights and obligations of the borrower and lender in relation to the loan for purchasing a house. However, it does not specifically pertain to the promise to pay off the loan. A deed of trust is a legal document that conveys the title of a property to a third-party trustee as security for the borrower's repayment of the loan. It is not a promise to pay off the loan. A lease agreement is a contract between a landlord and tenant for the rental of a property. It does not involve a loan or promise to pay off a loan. The most accurate answer is a promissory note, as it is a specific type of legal document that outlines the details and terms of a loan, including the borrower's promise to repay the loan. This makes it the most appropriate answer in relation to the question.