Module II 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 Module II flashcards as text
What is the legal distinction between freehold and leasehold property in England and Wales?
Answer: Freehold grants indefinite ownership of land and buildings, while leasehold grants possession for a fixed term under a lease from the freeholder
Freehold is absolute ownership of land for an indefinite period, while leasehold is the right to occupy for a fixed period under the terms of a lease granted by the freeholder.
How does the conveyancing process differ for registered and unregistered land?
Answer: Registered land has title guaranteed by the Land Registry with simplified transfer, while unregistered land requires investigation of title deeds going back at least 15 years
Registered land has its title recorded at the Land Registry, simplifying transfer. Unregistered land requires investigation of an unbroken chain of title deeds, typically for at least 15 years.
What is a mortgage valuation and how does it differ from a full structural survey?
Answer: A mortgage valuation is a basic assessment of property value for the lender's purposes, while a structural survey is a comprehensive inspection of the property's condition for the buyer
A mortgage valuation is a brief assessment confirming the property is adequate security for the loan. A structural survey is a thorough examination of the property's condition for the buyer's benefit.
What is the role of a title guarantee in a property transaction?
Answer: It is the seller's assurance about the quality of the title being transferred, with full title guarantee providing the strongest assurances
When a property is sold, the seller provides title guarantee — full title guarantee includes covenants about the right to sell, freedom from encumbrances, and compliance with lease terms.
What is buildings insurance and why do mortgage lenders require it?
Answer: It insures the physical structure against damage from fire, flood, subsidence and other perils, protecting the lender's security
Buildings insurance covers the cost of repairing or rebuilding the physical structure. Lenders require it because the property is their security — if it is destroyed, the security is lost.
What is the Land Registry and what function does it serve in property transactions?
Answer: It is a government body that maintains the register of land ownership in England and Wales, providing state-guaranteed title
HM Land Registry is a government body that registers ownership of land and property in England and Wales, providing state-backed title guarantee.