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Cemap 2 > Exam Tips > Flashcards

Exam Tips Flashcards

1
Q

What is on the property register?

A

Details about the land&property itself

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2
Q

What is on the charges register?

A

Details of the mortgages + anything that affects the lender

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3
Q

What is on the proprietorship?

A

Who owns the property

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4
Q

What is on the land charges register?

A

Register for unregistered land

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5
Q

When you do an affordability question what should you think?

A

Go wide - include everything - if it’s in the case then it comes off

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6
Q

What do you think when you do stress test question?

A

3 4 5

Add 3% for 5 years

Add it to the SVR

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7
Q

What is the order of the sum for an affordability test?

A

X
/

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8
Q

What does + - X / represent?

A

+ all the incomes
- all outgoings
X what percentage will the lender allow
/ divide by the rate per thousand

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9
Q

When you see the word Basic what do you think?

A

B for bills

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10
Q

When you see the word Committed what do you think?

A

C for credit

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11
Q

What client gets what the client….

A

Wants and nothing else!!!!!!

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12
Q

If you haven’t got the product the client wants what do you do?

A

Say goodbye

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13
Q

When you see the word decorating what word should you look for in the answers?

A

UNDERTAKING

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14
Q

When you see the lenders affordability criteria what should you think?

A

Mortgage trapped

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15
Q

Who should you ALWAYS think like?

A

The lender

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16
Q

What should a condition report not have on?

A

Figures

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17
Q

If it’s a government scheme how much are you putting in?

A

5%

18
Q

When you get a question on searches, where are they done?

A

On paper

19
Q

According to the exam if you wanna move a kitchen what do you need?

A

Planning permission

20
Q

A MIG/HLC will be required on LTV what?

A

75% or over unless told

21
Q

Where are surveys done?

A

At the property I

22
Q

When a joint mortgage what should you do when working out the stamp duty payments?

A

Always do 50% of the mortgage and then open the tap

23
Q

What is the golden rule for arrears?

A

Can you pay arrears over an agreed period???

YOU GOT YOURSELF IN YOU GET YOURSELF OUT

24
Q

But to let case what’s the main two numbers you need to +?

A

145%

2% PRA

25
Q

For a bridging loan if you sell the house within 3 years what can you get back?

A

The +3% surcharge Stamp duty

26
Q

Are bridging loans regulated?

A

No unless over 12 months

27
Q

Golden Rule: When the client wants certainty/No risk….it’s ALWAYS?

A

Repayment mortgage

DTA/MPA/MPP

28
Q

Golden Rule: When a client wants potential surplus/early repayment…it’s ALWAYS?

A

Unit linked

29
Q

Golden Rule: The client has a repayment mortgage…so they will ALWAYS want?

A

DTA/MPA/MPP

30
Q

Golden Rule: A client has an interest only mortgage…they will ALWAYS want?

Except….

A

LTA

Except endowments they have life assurance built in

31
Q

Golden Rule: A client wants protection short term…it’s ALWAYS?

A

MPPI/ASU

32
Q

Golden Rule: A client wants protection long term…it’s ALWAYS?

When does this last up too?

A

Permanent health insurance/Income protection

Retirement

33
Q

What’s a basic survey?

A

Borrow pays
Lender owns
No protection unless you’re a first tome buyer

34
Q

Who do homebuyer and building surveys belong too?

A

The buyer

35
Q

What is the only survey costed by size?

A

Building

36
Q

Home income plan - mortgage - who pays interest?

A

YOU

37
Q

Is there interest on a lifetime mortgage?

A

No interest

38
Q

If the endowment has the words with profits what does this mean?

A

Some guarantee but inflexible

39
Q

If the endowment has the word unit - what should you think?

A

No guarantee

40
Q

Can you take money out of a state pension?

A

NO

41
Q

What do you need a suitability report for? (4 things)

A

Protection policy
Pension
Endowment
ISA

42
Q

What is the one thing you should always recommend?? (Assurance)

A

DTA

Cemap 2 (6 decks)

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