Title: Describe the provisions of a promissory note.
Course: Real Estate (12154) > Section: Examining Types of Mortgages and Deeds of Trust

The description of a promissory note must

- describe the format (be in writing)
- be between a borrower and a lender, both of whom have contractual capacity
- show the terms of payment.

DPOR correlations: 18VAC135-20-400. 4 (Contracts); 18VAC135-20-400. 6 (Mortgages and deeds of trust); 18VAC135-20-400. 7 (Types of mortgages); 18VAC135-20-400. 14 (Real estate financing)

Process/Skill Questions:

- What are the provisions of a promissory note?
- Why must a promissory note be in writing?
- Does a promissory note have the same elements as a contract?
- When is a promissory note used in real estate?