California Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Master the California Real Estate Exam with our comprehensive practice quiz. Get expert tips, detailed content review, and insider strategies to pass on your first try.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Where are the terms and conditions found for the promise to repay money borrowed to buy a house?

In the mortgage agreement
In the escrow statement
In the promissory note
In the deed of trust

The correct answer is: In the promissory note

The promissory note is a legal document that outlines the terms and conditions of repaying money borrowed to buy a house. It contains the details of the loan, such as the principal amount, interest rate, repayment schedule, and consequences for default. The other options, including the mortgage agreement, escrow statement, and deed of trust, may be related to the loan for buying a house, but they do not include the specific terms and conditions for repayment. The mortgage agreement outlines the terms of the loan and the rights and responsibilities of the borrower and lender. The escrow statement details the breakdown of expenses and payments related to the purchase of the house. The deed of trust is a legal document that provides security for the loan, but it does not include the terms and conditions of repayment. Therefore, the correct answer is the promissory note.