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    CEMAP-1 Questions

    Uploaded by

    Veena Hingarh
    Andrew made a claim under his home warranty for a property defect. He should initially submit the claim to the builder [B]. A lender discovered a potential problem with a house offered as security for a loan. The lender can withdraw the offer of advance [C]. Consent to mortgage forms [C] are required to prevent the borrower's children over 17 from gaining an overriding interest, but acceptance of mortgage terms [A] is not usually a standard condition.

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    CEMAP-1 Questions

    Uploaded by

    Veena Hingarh
    785 views7 pages
    Andrew made a claim under his home warranty for a property defect. He should initially submit the claim to the builder [B]. A lender discovered a potential problem with a house offered as security for a loan. The lender can withdraw the offer of advance [C]. Consent to mortgage forms [C] are required to prevent the borrower's children over 17 from gaining an overriding interest, but acceptance of mortgage terms [A] is not usually a standard condition.

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    Andrew made a claim under his home warranty for a property defect. He should initially submit the claim to the builder [B]. A lender discovered a potential problem with a house offered as security for a loan. The lender can withdraw the offer of advance [C]. Consent to mortgage forms [C] are required to prevent the borrower's children over 17 from gaining an overriding interest, but acceptance of mortgage terms [A] is not usually a standard condition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    785 views7 pages

    CEMAP-1 Questions

    Uploaded by

    Veena Hingarh
    Andrew made a claim under his home warranty for a property defect. He should initially submit the claim to the builder [B]. A lender discovered a potential problem with a house offered as security for a loan. The lender can withdraw the offer of advance [C]. Consent to mortgage forms [C] are required to prevent the borrower's children over 17 from gaining an overriding interest, but acceptance of mortgage terms [A] is not usually a standard condition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    The document discusses questions and answers related to financial certificates and mortgages.

    It describes the terms and conditions that will form the basis of a contract

    Financial

    CEMAP-1
    Certificate in Mortgage Advice and Practice (CeMAP)

    http://killexams.com/exam-detail/CEMAP-1
    QUESTION: 122
    Andrew wishes to make a claim under his Buildmark guarantee for a defect in his
    property. To whom should he initially submit his claim? Mark one answer:

    A. His local authority.


    B. The builder.
    C. National House Building Council.
    D. Zurich Mutual Insurance Company.

    Answer: B

    QUESTION: 123
    A property being marketed by an estate agent has a leaking roof and blocked gutters.
    Under the Property Misdescriptions Act 1991, which of the problems, if any, MUST be
    specifically disclosed in the agent’s details? Mark one answer:
    A. Neither.
    B Leaking roof only.
    C. Blocked gutters only
    D. Both.

    Answer: A

    QUESTION: 124
    Having made an offer of advance, the lender discovers a potential problem with the
    house offered as security for the loan. What is the situation? Mark one answer:

    A. It can be withdrawn only if the borrower is to blame for not mentioning the problem
    B. The lender's only recourse is to sue the surveyor
    C. The lender can withdraw the offer
    D. The lender must make a revised offer

    Answer: C

    QUESTION: 125
    Which one of the following would NOT usually be a standard condition to an offer of
    mortgage advance but would only be added when circumstances required? Mark one
    answer:

    A. Subject to consent to mortgage form


    B. Subject to satisfactory title
    C. Subject to acceptance before specified expiry date
    D. Property must offer vacant possession
    Answer: A

    QUESTION: 126
    The borrower will NOT covenant to: Mark one answer:

    A. make payments as required by the contract


    B. sublet only with the lender's consent
    C. insure the property to his own satisfaction
    D. keep the property in good repair

    Answer: C

    QUESTION: 127
    Which one of the following is FALSE of the lender’s rights related to a legal charge?
    The lender can: Mark one answer:

    A. insure the property


    B. call in a mortgage only if the account is in arrears
    C. charge the borrower for the cost of meeting local authority requirements
    D. transfer the mortgage to another institution only with the borrower’s permission

    Answer: B
    QUESTION: 128
    What is the legal status of an offer of advance from a mortgage lender? Mark one
    answer:

    A. It is legally binding on the lender


    B. Once accepted it is legally binding on the lender and borrower
    C. It is a contract between the lender and the borrower
    D. It describes the terms and conditions that will form the basis of a contract

    Answer: D

    QUESTION: 129
    Lenders require, as a condition of a mortgage offer, that the borrower's children aged
    over 17 sign a form, which will prevent them from gaining an overriding interest under
    Section 70 of the Land Registration Act 1925. This is known as a: Mark one answer:

    A. deed of family arrangement


    B. tenancy agreement
    C. consent to mortgage form
    D. disclaimer of interest

    Answer: C

    QUESTION: 130
    The lender’s right of consolidation is to: Mark one answer:

    A. call in a mortgage at any time


    B. treat two loans with it, secured on two properties, as one loan
    C. insure the property where the borrower fails to do so and add the cost to the loan
    D. repossess a property where the account falls into serious arrears

    Answer: B
    For More exams visit https://killexams.com/vendors-exam-list

    Kill your exam at First Attempt....Guaranteed!

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