CeMAP CeMAP - Certificate in Mortgage Advice and Practice Property Valuation and Surveys 2

Question 1

What is the 'comparable sales' method of property valuation?

Accepted Answer

Valuing a property by comparing it to recent sale prices of similar nearby properties

Answer

The comparable sales method identifies recently sold similar properties in the area to establish a fair market value.

Question 2

A Homebuyer Report is most suitable for which type of property?

Accepted Answer

Conventionally built properties in reasonable condition

Answer

A Homebuyer Report (Level 2 Survey) is designed for standard construction properties that appear to be in reasonable condition.

Question 3

What does an Energy Performance Certificate (EPC) assess?

Accepted Answer

The energy efficiency and environmental impact of the property

Answer

An EPC rates a property's energy efficiency on a scale from A (most efficient) to G (least efficient) and estimates its environmental impact.

Question 4

For how long is an EPC valid once issued?

Accepted Answer

10 years

Answer

An EPC remains valid for 10 years from the date it was issued, although a new one is required if the property is sold or rented within that period if significant changes have been made.

Question 5

What is 'blight' in the context of property valuation?

Accepted Answer

Any factor that negatively affects a property's value or saleability

Answer

Blight refers to any adverse factor — such as proximity to a proposed motorway or power lines — that reduces a property's market value.

CeMAP - Certificate in Mortgage Advice and Practice Practice Test

CeMAP - Certificate in Mortgage Advice and Practice Practice Test

CeMAP CeMAP - Certificate in Mortgage Advice and Practice Property Valuation and Surveys 2