This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam.

In this episode you will learn:

- The definition of a promissory note as the primary evidence of debt and personal liability.

- How the promissory note operates as a negotiable instrument transferable on the secondary market.

- The distinction between the parties of the note known as the maker and the payee.

- Why the promissory note is typically not recorded in public records unlike the security instrument.

- The role of specific clauses like the acceleration clause in demanding immediate repayment upon default.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep