California Real Estate Practice Exam

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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.