An easement:

An easement:
A . is a mortgage modification.
B . is a right to cross or otherwise use someone else’s land for a specified purpose.
C . allows a loan applicant to close on a loan even if all the stipulations have not been met.
D . allows a borrower to make less than the required payments without going through a full mortgage modification.

View Answer

Answer: B

Explanation:

An easement is a legal right granted to one party to cross or use another party’s land for a specific purpose, such as for utility lines, access roads, or water drainage. Easements are commonly granted in property transactions and are recorded in the public records.

Easements are unrelated to mortgage modifications (A) or payment reductions (D).

References:

Real Estate Law on property easements

HUD Guidelines on easements in property transactions