The difference between a mortgage payable and a note payable is that notes payable are always secured by specific assets.

Name: The difference between a mortgage payable and a note payable is that notes payable are always secured by specific assets.
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Quizplus · Accepted Answer

This statement is false. Both mortgage payable and note payable can be secured or unsecured depending on the terms of the agreement between the borrower and lender.

The Difference Between a Mortgage Payable and a Note Payable