QuestionSeptember 20, 2025

Which of the following is NOT true about a mortgage? The lender is the mortgagee Conveys security interest in the property to the lender A mortgage is a voluntary lien once recorded A mortgage is a promise to pay a debt

Which of the following is NOT true about a mortgage? The lender is the mortgagee Conveys security interest in the property to the lender A mortgage is a voluntary lien once recorded A mortgage is a promise to pay a debt
Which of the following is NOT true about a mortgage?
The lender is the mortgagee
Conveys security interest in the property to the lender
A mortgage is a voluntary lien once recorded
A mortgage is a promise to pay a debt

Solution
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Answer

A mortgage is a promise to pay a debt Explanation 1. Identify correct statements about a mortgage The lender is the mortgagee — True. Borrower = mortgagor, lender = mortgagee. Conveys security interest in the property to the lender — True. This is the purpose of a mortgage. A mortgage is a voluntary lien once recorded — True. It's voluntarily agreed upon by borrower and recorded. 2. Identify incorrect statement A mortgage is not just a promise to pay a debt; that is represented by the promissory note. The mortgage secures the debt, not promises payment itself.

Explanation

1. Identify correct statements about a mortgage <br /> The lender is the mortgagee — True. Borrower = mortgagor, lender = mortgagee. <br /> Conveys security interest in the property to the lender — True. This is the purpose of a mortgage. <br /> A mortgage is a voluntary lien once recorded — True. It's voluntarily agreed upon by borrower and recorded. <br /><br />2. Identify incorrect statement <br /> A mortgage is not just a promise to pay a debt; that is represented by the promissory note. The mortgage secures the debt, not promises payment itself.
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