New York State Real Estate Salesperson Licensing Exam 2025 - Free Practice Questions and Study Guide

The financial document that outlines the terms of a loan is the Loan Agreement. This document is essential as it details the specific conditions of the loan, including the amount borrowed, interest rate, repayment schedule, and any covenants or obligations the borrower and lender have agreed upon. It serves as a binding contract that governs the relationship between the lender and the borrower, ensuring that both parties are clear on their responsibilities and the terms of the loan.

In contrast, a Sales Contract primarily pertains to the purchase of real estate rather than the financing aspects. The Title Deed serves to transfer ownership of the property from one party to another but does not include loan terms. A Property Appraisal is an assessment of a property's value, which may be relevant to the loan process but does not define the terms of the loan itself. Understanding these distinctions is crucial for anyone involved in real estate transactions and financing.