In the context of real estate financing, what is a non$-$recourse loan?

A loan where the lender can only seize the property used as collateral if the borrower defaults, and cannot pursue the borrower's other assets.

A loan where the borrower is personally liable for the loan amount if the property value does not cover the debt.

A loan where the lender cannot seize the property if the borrower defaults.

A loan where the borrower must repay the debt even if the property value exceeds the loan amount.