Final answer:
The title is conditionally conveyed to the trustee by the borrower for the lender's benefit when using a deed of trust as collateral for a loan.
Step-by-step explanation:
When a loan is made using a deed of trust, the title is conditionally conveyed to the trustee by the borrower for the benefit of the lender. Therefore, the correct answer is a) Borrower, lender. A deed of trust is a document that pledges real property to secure a loan and appoints a trustee to hold the title until the borrower repays the loan in full. If the borrower fails to repay the loan, the trustee has the authority to sell the property to recoup the lender's investment.