A first trust deed refers to which of the following types of instruments?

A first trust deed specifically refers to a type of mortgage instrument used in real estate transactions. It is a legal document that secures a loan with real property as collateral, where the property owner (the trustor) grants a lien on the property to a lender (the beneficiary or trustee) until the debt is paid off.

This type of deed is distinguished by its priority in the event of foreclosure; it is the first in line for repayment from the proceeds of the sale of the property in case of default. The first trust deed is critical for lenders because it enables them to recover their investment by taking ownership of the property should the borrower fail to repay the loan.

The other options provided do not adequately define or describe a first trust deed. Therefore, understanding what a first trust deed is and recognizing its importance in the context of real estate financing and security interests is crucial for both real estate professionals and clients engaged in property transactions.