Which of the following statements about real estate financing is incorrect:
A: Discounting a note indicates that it is being sold at less than the face value, or amount still owing on the principal;
B: A promissory note is security for a mortgage;
C: Although a mortgage does not transfer legal title to property, it is still considered a lien;
D: The owner of a property who borrows money and signs a mortgage is called a mortgagor.
Answer: B: A promissory note is security for a mortgage;
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