PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
A promissory note is the borrower's written promise to repay a debt under stated principal, interest, payment, maturity, and default terms.
Financing
Mortgage documents and clauses
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Promissory note mean?
A promissory note is the borrower's written promise to repay a debt under stated principal, interest, payment, maturity, and default terms. It is evidence of the debt.
How do you separate the nearest exam answer?
The note creates the repayment obligation. The mortgage, deed of trust, or Georgia security deed secures that obligation with real property.
What changes or stays the same in Georgia?
Georgia commonly pairs the note with a security deed. The note can be transferred as the debt instrument, while the security instrument is recorded in the real estate records.
A borrower signs a promise to repay $320,000 over 30 years and separately signs a security deed covering the home.
Recording usually concerns the security instrument, not the borrower's private note itself.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
At a Georgia closing, a buyer signs one document promising to repay $300,000 at a stated rate and another giving the lender a security interest in the house. Which document is the evidence of the debt itself?
- A
The promissory note
- B
The security deed
- C
The warranty deed
- D
The Closing Disclosure
The promissory note is the borrower's written promise to repay, and it is the evidence of the debt. The security deed secures that debt with the property and is the document recorded in the county records. Both are signed at the same closing, which is why they get mixed up.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Financing complete lesson
https://www.passgeorgiarealestate.com/study-guide/financing/security-instruments-and-notes
Official exam administration and content-outline source.
https://test-takers.psiexams.com/api/content/bulletin/4672Current Georgia security-deed, cancellation, lien, and power-of-sale authority through the state-authorized code portal.
https://www.lexisnexis.com/hottopics/gacode/Default.asp