U3

Question 1

Name some professional clients?

Answer 1

Credit institution 
Investment firm
Financial institution
Insurance company 
Investment scheme
Local authority 
Commodity

Question 2

A person who is given a legal responsibility to act on behalf of another while the latter is living abroad is known as what?

Answer 2

Attorney

Question 3

What is on the property register? 3 things

Answer 3

Beneficial easements
Plan of property
Title number

Question 4

What is on the proprietorship register?

2 things

Answer 4

Name and address of estate owner

Class of title

Question 5

What is on the charges register? 4 things

Answer 5

Restrictive covenants
Mortgages/charges
Adverse Easements
Non-owning spouses interest

Question 6

In terms of capital repayment vehicles where are the guarantees mortgages repaid on death?

Answer 6

Endowments

Question 7

What is the only CRV mortgage that is guaranteed repaid on maturity?

Answer 7

Full WP endowment

Question 8

What are the CRV mortgages that don’t have a flexible term?

Answer 8

Full wp endowment
Low cost wp endowment
Unitised wp endowment
Personal pension plan after 55

Question 9

What is help to buy equity loan?

Answer 9

You put in 5%

Gov put in 20% of purchase price tax free

Question 10

What mortgage do you pay mortgage and rent?

Answer 10

Shared ownership

Question 11

What’s equity share?

Answer 11

Ownership shared between borrower and housing association - borrower pays 2 seperate rates of interest with a lower rate on the part owned by the borrower

Question 12

For income protection who selects the deferred period? And why?

Answer 12

Policy holder and because the longer the deferred period the cheaper the premiums

Question 13

Describe mortgage payment protection insurance premiums

Answer 13

Short term affordable

Unable to work due to accident sickness or involuntary redundancy

Question 14

What is the benefit of taking pension term assurance before December 2006?

Answer 14

Cheaper as you get tax relief

Question 15

What’s the difference between lifetime mortgages and home reversion schemes?

Answer 15

Home reversion scheme isn’t a mortgage it’s a sale

Of your property

Question 16

How are lifetime mortgages and home reversion schemes similar?

Answer 16

Get to raise money

Stay in property for life

Ability to claim state benefits may be affected

Question 17

What payments are made for lifetime mortgages?

Answer 17

No payments - they are calculated and rolled onto the debt which is getting bigger all the time

Question 18

What’s a home reversion scheme?

Answer 18

You sell your house but can stay in for life

Question 19

What’s the sim to remember for affordability?

Answer 19

+ - x /

Question 20

How do specialised mortgages differ from banks and building societies ?

Answer 20

They obtain their funds from
The wholesale
Market

Question 21

When were second mortgages/charges regulated?

Answer 21

March 2016

Question 22

The trick answer for

Number of years for home reversion scheme?

Answer 22

20

Question 23

AN EPC MUST BE WHAT?

Answer 23

Be commissioned

Question 24

Who covers buy to let?

Answer 24

Mcd

Question 25

Who do estate agents act as vendors for?

Answer 25

Vendor

Question 26

When arranging a mortgage when does legal charge take place?

Answer 26

On completion

Question 27

If buying a property through an estate agent who pays the fees?

Answer 27

Vendor

Question 28

When is a kfi given?

Answer 28

Before mortgage is sold