Note vs Mortgage vs Deed of Trust — Real Estate Exam Cheat Sheet

A free, printable memory helper from CinnaPrep's real-estate exam library.

✦ Promissory note: the IOU — evidence of the debt, makes you personally liable

✦ Mortgage: 2 parties — borrower (mortgagor) pledges property to lender (mortgagee); judicial foreclosure

✦ Deed of trust: 3 parties — trustor (borrower), beneficiary (lender), trustee holds title; non-judicial power of sale

✦ Hypothecation: pledge property as collateral WITHOUT giving up possession

✦ Exam cue: '-or' gives (borrower), '-ee' receives (lender)

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