Cf6 Mock 2

Front 1

Which of the following is not one of the FCA principles of business?

Back 1

To arrange adequate protection for the firm's assets.

Front 2

Which of the the following is not an example of a controlled function within a firm?

Back 2

Accountant.

Front 3

Which of the following are responsible for their own compliance with FCA regulations?

Back 3

Directly authorised firms.

Front 4

How long is the cooling off period once a mortgage has commenced?

Back 4

There is no cooling off period.

Front 5

Which type of property ownership in England and Wales means that owners of a property in an apartment block can assert their joint rights over their properties?

Back 5

Commonhold.

Front 6

What happens to easement or convenant when land is sold on?

Back 6

The easement or convenant passed to future owners.

Front 7

In Scotland, when does a contract relating to a property purchase become legally binding?

Back 7

When offer is accepted.

Front 8

In Scotland, if an individual dies interstate what prior rights has any surviving spouse without children entitled to?

Back 8

The house up to the value of £473,000 plus house furnishing up to the value of £29,000 plus £89,000 of the rest of the estate.

Front 9

Who is not specifically a target market for the go enemy's Newbuy scheme?

Back 9

Buyers of existing properties.

Front 10

Which of following is not usually an option for a mortgage applicant whose status is less favourable than expected?

Back 10

To purchase the property for a lower price.

Front 11

How do banks finance their mortgage lending?

Back 11

Wholesale markets.

Front 12

Which of the following statements best describe correspondent lending?

Back 12

The firm which deals with the borrower is not the firm who provides the funds for the loan

Front 13

If a seller has accepted an offer, but the buyer later lowers their offer, what is this known as?

Back 13

Gazundering

Front 14

In Scotland, what is the most common method of house sale?

Back 14

Private bargain.

Front 15

Which of the following does not represent a typical stage of self build construction for releasing funds?

Back 15

The roof going on.

Front 16

From what age can benefits normally be taken from a personal pension plan, thereby allowing a tax free lump sum to be used to pay off a mortgage?

Back 16

55

Front 17

What is the name given to the difference between the buying and selling prices of units in a unit trust?

Back 17

Bid offer spread.

Front 18

Which type of mortgage had a variable rate set at a specific percentage below the standard variable rate?

Back 18

Discounted.

Front 19

If the mortgage is to fund a self build, what will the lender insist upon?

Back 19

That the builder is a member of the NHBC or equivalent, or a qualified architect overseas the build.

Front 20

In the case of unregistered land, how is investigation of tittle carried out in England and Wales?

Back 20

By way of land charges registry.

Front 21

In Scotland, what is the specific name given to the contract between lender and borrower which is generally referred to as the mortgage deed?

Back 21

Standard security.

Front 22

Which form is issued to all employed persons each year which confirms the total income earned in the tax year?

Back 22

P60

Front 23

How can a personal pension be used to pay off an interest only mortgage at the end of the mortgage term?

Back 23

The 25% tax free cash from a personal pension can be used for this purpose.

Front 24

If a property is built or an improv men made to an existing property without a build mark scheme guarantee, what will a lender usually insist upon before releasing funds?

Back 24

An architects certificate to certify completion of works.

Front 25

Which of the following is NOT a grade of a listed building in England and Wales?

Back 25

Grade ||*

Front 26

Mrs Thomas purchases her main residence for £510,000. What level of stamp duty land tax is payable?

Back 26

4%

Front 27

Which type of endowment is mainly used to fund an interest only mortgage and is a combination of full endowment and decreasing term assurance?

Back 27

Low cost with profits endowment.

Front 28

Which currency is most commonly used for foreign currency mortgages?

Back 28

Euro

Front 29

What is the name given to the types of Islamic mortgage where the bank buys the property and immediately sells it back to the customer for a higher price?

Back 29

Murabaha

Front 30

Which of the following is NOT a feature of a lifetime mortgage?

Back 30

Part or all of the home is sold to a company.

Front 31

If a borrower is experiencing financial difficulties, what may they opt for as an alternative to bankruptcy?

Back 31

Individual voluntary agreement.

Front 32

Which law in Scotland relates to the legal remedies that a lender may take to recover a debt?

Back 32

Conveyancing and feudal reform (Scotland) Act 1970

Front 33

How can a lender check if a mortgage applicant has been subject to a possession proceedings in the past?

Back 33

By searching the council of mortgage lenders database of possession records.

Front 34

If the proceeds from the sale of a repossessed property do not cover the mortgage, what action can the lender take?

Back 34

Sue on the personal covenant of the borrower.

Front 35

0 - 125,000 - 0%

125,000 - 250,000 -1%

250,000 - 500,000 - 3%

500,000 - 1 mil - 4%

1 mil - 2 mil - 5%

Back 35

Stamp duty.