Which statement is correct regarding mortgages?

The statement that all mortgages are accompanied by a promissory note is accurate because a promissory note is a legal document in which the borrower promises to repay the loan under specific terms. This note outlines the amount borrowed, the interest rate, and the repayment schedule. The act of borrowing money through a mortgage involves two essential documents: the promissory note, which serves as the borrower’s promise to repay, and the mortgage itself, which secures the lender's interest in the property. The mortgage provides the lender with the right to foreclose on the property if the borrower fails to meet the repayment terms outlined in the note.

The other options are not universally correct. For example, not all mortgages contain an exculpatory clause, which is a clause that limits the lender’s recourse if the borrower defaults. While this clause may be present in some mortgages, it is not a standard feature.

Additionally, stating that the mortgage pledges personal responsibility for the loan is misleading. The mortgage itself secures the loan against the real estate, while the promissory note is the document that establishes the personal liability of the borrower.

Finally, Florida operates under a lien theory, not a title theory. In a lien theory state,