Alabama Real Estate Practice Exam

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What does a promissory note include?

Amount, terms and conditions for mortgage payment
Interest rate only
Buyer's personal information
Property blueprints

The correct answer is: Amount, terms and conditions for mortgage payment

A promissory note is a legal document that outlines the terms and conditions of a loan, including the amount borrowed and the terms for repaying it. This document typically includes information about the borrower's personal information and the specific details of the property being used as collateral. However, options B, C, and D only include a partial or unrelated aspect of the promissory note, making them incorrect options.