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 primary purpose of a mortgage valuation carried out by a lender?
Answer: To satisfy the lender that the property provides adequate security for the loan
A mortgage valuation is conducted for the lender's benefit to confirm the property is suitable security for the loan amount.
Which type of property survey provides the most comprehensive assessment of a property's condition?
Answer: Full Structural Survey (Level 3 Building Survey)
A Full Structural Survey (Level 3 Building Survey) is the most thorough inspection and is recommended for older, unusual, or significantly altered properties.
What does LTV stand for in the context of mortgage lending?
Answer: Loan to Value
LTV (Loan to Value) is the ratio of the mortgage amount to the property's value, expressed as a percentage.
What is a 'desktop valuation' in the mortgage industry?
Answer: A valuation using comparable sales data without a physical inspection of the property
A desktop valuation uses publicly available data and comparable sales without the surveyor visiting the property.
Which of the following factors does NOT directly affect a property's market value?
Answer: The borrower's personal credit score
A borrower's credit score relates to their personal creditworthiness, not to the market value of the property being purchased.
Which professional must carry out a RICS-standard mortgage valuation?
Answer: A RICS-qualified Chartered Surveyor
Mortgage valuations must be carried out by a RICS-qualified Chartered Surveyor who meets the standards set by the Royal Institution of Chartered Surveyors.