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Training
37
CeMAP
revision
So you think you know your stuff –but do you? Test yourself with
specimen CeMAP exam revision questions courtesy of ifs School of
Finance – don’t worry, we tell you the answers as well! For more help
with revision, lessons and to get your own personal CPD certificate don’t
forget to visit the CPD section on our website mortgageintroducer.com
QUESTIONS
3. Jo bought a house for £287,000 in May 2009. A - Shirley and her lender from legal action
1. Which of the following is true in relation to How much stamp duty land tax did she pay? from the Land Registry in the event of a
a collateral deposit? A - £2,870. solicitor's error.
A - It can be any form of additional security B - £3,360. B - Shirley and her lender from ownership
that is held by a third party. C - £8,610. claims from others.
B - It can be used to cover any increases in D - £11,480. C - Shirley's solicitor in the event that there
mortgage repayments that occur when was a later dispute over his legal work
interest rates rise. 4. Which of the following would not be and the quality of the title.
C - It usually takes the form of money covered by an environmental search? D - the lender in the event of Shirley
deposited with the lender, who then A - A history of flooding in the area. defaulting on the loan and disputing any
holds the funds until the debt is repaid. B - Mining subsidence. claim by the lender.
D - It will be secured on the property to be C - Planned development in the area.
mortgaged. D - The presence of radon gas. 7. In which of the following circumstances
might a lender require a borrower to pay a
2. Which of the following statements is correct 5. How much would be payable to the Land higher lending charge?
in respect of an endowment policy? Registry for registering a property valued at A - When a mortgage exceeds a pre-
A - If deposited with a mortgage lender, the £1.5million in the new owner's name? determined amount.
lender has a legal right to its proceeds. A - £40. B - When the borrower has a poor credit
B - It can be assigned to a mortgage lender, B - £250. history.
but the lender has few rights over the C - £500. C - When the loan exceeds the lender's
policy. D - £700 normal income criteria.
C - It can be deposited with a mortgage D - When the loan to value exceeds 75%.
lender, thereby giving the lender an 6. When Shirley started her endowment
equitable right. mortgage she was asked to pay a fee for a 8. Felicity wants to purchase a flat, for which
D - It is unlikely to have a surrender value title indemnity policy. The purpose of this she requires a mortgage. The flat has a
during the first five years. was to protect: tenant with a tenancy agreement with the
www.mortgageintroducer.com September 2009 Mortgage Introducer
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