1. The evidence of a monetary obligation typically used in a real estate loan transaction is the: a. Associated warranty document b. Mortgage c. Note d. None of the above 2. The person who is owed money under a promissory note is the: a. Maker b. Payee c. Mortgagor d. Trustee 3. Mike owes $1,000 to Mary. He agrees to pay Mary 6% annual interest, payable annually. Payments for the first 5 years are interes only. What is Mike's payment to Mary for year 2 ? a. $600 b. $66 c. $65 d. $60 4. A note where part of the payment is applied to principal reduction and part is applied to interest is called a: a. Straight note b. Term note c. Amortized note d. Interest only note 5. When only one person is liable for the repayment of a promissory note he/she is referred to as having liability. a. Joint and several b. Joint c. Subjective