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Straight Notes If the Note does not get paid, the Payee can foreclose on the real estate. Straight Note – payment of interest and principal are due at one time in one

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A promise to repay a loan, signed by the debtor and containing the date executed, amount owing and to whom, date due (or on demand), rate of interest and how California Real Estate Test [Real Estate Simulated Exam] Question 544: Which of the following is a kind of promissory note: A.

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Keeping Current: Setting the UCC Record Straight on Mortgage Notes A note that calls for payments ofinterest only during the term of the note, witha balloon payment at the end to pay off theprincipal balance.

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How many acres of land are there in these two legal descriptions? When studying for your real estate exam, you must know how property outright. Not all loans are full amortized. For example, there is another type of loan known as a straight note or interest-only loan.

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