A mortgage and the associated mortgage note are examples of which of the following?

A mortgage and the associated mortgage note are classified as contracts because they establish a legally binding agreement between the borrower and the lender. In this context, a mortgage serves as a security instrument, while the mortgage note is the borrower's promise to repay the loan under specified terms. Both documents are essential for outlining the rights and obligations of each party involved in the mortgage agreement.

Contracts are foundational in real estate transactions as they clearly define the terms, duties, and responsibilities, ensuring that both parties understand their commitments, such as the amount borrowed, interest rate, payment schedule, and consequences of default. This framework protects both the lender's investment and the borrower's rights, making the contract central to the arrangement.

In comparison, deeds refer to documents that convey ownership of property rather than outline loan agreements, while non-negotiable instruments do not allow for the transfer of rights through endorsement, contrasting with how mortgage notes function (which can be negotiable). Option agreements pertain to arrangements giving a party the right to purchase or lease property at a predetermined price within a defined timeframe, which is a different legal concept altogether.