Which of the following statements is correct with respect to a real estate mortgage?

a. It must be signed only by the mortgagor (borrower).

b. It must be recorded in order to be effective between the mortgagor and the mortgagee.

c. It does not have to be recorded to be effective against third parties without notice if it is a purchase money mortgage.

d. It is effective even if not delivered to the mortgagee.

AppendixLO1