CeMAP - Certificate in Mortgage Advice and Practice Property Valuation and Surveys Flashcards
6 cards from real CEMAP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CeMAP - Certificate in Mortgage Advice and Practice Property Valuation and Surveys flashcards as text
What is the 'comparable sales' method of property valuation?
Answer: Valuing a property by comparing it to recent sale prices of similar nearby properties
The comparable sales method identifies recently sold similar properties in the area to establish a fair market value.
A Homebuyer Report is most suitable for which type of property?
Answer: Conventionally built properties in reasonable condition
A Homebuyer Report (Level 2 Survey) is designed for standard construction properties that appear to be in reasonable condition.
What does an Energy Performance Certificate (EPC) assess?
Answer: The energy efficiency and environmental impact of the property
An EPC rates a property's energy efficiency on a scale from A (most efficient) to G (least efficient) and estimates its environmental impact.
For how long is an EPC valid once issued?
Answer: 10 years
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.
What is 'blight' in the context of property valuation?
Answer: Any factor that negatively affects a property's value or saleability
Blight refers to any adverse factor — such as proximity to a proposed motorway or power lines — that reduces a property's market value.
What is the 'reinstatement value' of a property and why is it important?
Answer: The estimated cost to completely rebuild the property if it were destroyed, used for buildings insurance
The reinstatement value is the estimated cost to rebuild the property from scratch and is the basis for calculating adequate buildings insurance cover.