Which of the following is true about mortgage assumptions

This statement is inaccurate because, in mortgage assumptions, the buyer typically assumes the mortgage but may not be entirely relieved of personal liability without lender approval. The buyer is responsible for making payments, but the seller's liability may persist unless a formal release is granted.

This is incorrect because, in a mortgage assumption, the buyer usually continues under the existing mortgage terms without signing a new note. The original note remains in effect, which is part of what makes the assumption process possible.

This option is misleading as the mortgagee does not automatically release the seller upon receiving a warranty deed. The release of liability typically requires explicit action by the lender, which is not guaranteed just by the transfer of property ownership.