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Guide for CEMAP 3 - Assessment of Mortgage Advice Knowledge (ASSM) Test

Quiz CEMAP 3 - Assessment of Mortgage Advice Knowledge (ASSM) Test

10/200 Questions|Updated on 2024/11/19
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/ 10

Quiz

1/10
Mortgage Applications
Which of the following is typically the first step in a mortgage application process?
Select the answer
1 correct answer
A.
Submitting supporting documents
B.
Completing a mortgage application form
C.
Receiving an offer from a lender
D.
Conducting a property valuation

Quiz

2/10
Mortgage Arrears and Post-Completion Issues
What is the primary step a lender should take when a borrower falls into mortgage arrears?
Select the answer
1 correct answer
A.
Initiate foreclosure proceedings
B.
Contact the borrower to discuss their situation
C.
Increase the interest rate on the mortgage
D.
Report the borrower to credit agencies

Quiz

3/10
Mortgage Law, Policy, and Markets
What is the primary purpose of the Mortgage Conduct of Business (MCOB) rules?
Select the answer
1 correct answer
A.
To regulate the interest rates charged by lenders
B.
To ensure that mortgage advice is suitable and in the best interest of the consumer
C.
To provide guidelines for property valuation
D.
To set lending limits for first-time buyers

Quiz

4/10
Mortgage Payment Methods and Products
Which mortgage payment method allows borrowers to pay only interest for a set period, typically during the initial years of the loan?
Select the answer
1 correct answer
A.
Capital repayment mortgage
B.
Interest-only mortgage
C.
Fixed-rate mortgage
D.
Variable-rate mortgage

Quiz

5/10
Mortgage Applications
What is the primary purpose of a mortgage application?
Select the answer
1 correct answer
A.
To assess the property's market value
B.
To gather the applicant's personal information
C.
To determine the borrower's eligibility for a loan
D.
To compare different mortgage products

Quiz

6/10
Mortgage Arrears and Post-Completion Issues
Which option is typically available to borrowers facing financial difficulties after completing a mortgage?
Select the answer
1 correct answer
A.
Immediate refinancing at a lower rate
B.
Obtaining a payment holiday
C.
Selling the property without prior notice
D.
Exempting them from future payments

Quiz

7/10
Mortgage Law, Policy, and Markets
Which of the following is a key characteristic of a fixed-rate mortgage?
Select the answer
1 correct answer
A.
The interest rate can change at any time during the loan term
B.
Monthly payments remain constant throughout the mortgage term
C.
Borrowers must pay a penalty for early repayment
D.
It is typically more expensive than a variable-rate mortgage

Quiz

8/10
Mortgage Payment Methods and Products
Which of the following mortgage products typically offers a fixed interest rate for a predetermined period, providing stability in monthly payments?
Select the answer
1 correct answer
A.
Tracker mortgage
B.
Discounted mortgage
C.
Fixed-rate mortgage
D.
Offset mortgage

Quiz

9/10
Mortgage Applications
What is a common feature of a fixed-rate mortgage application?
Select the answer
1 correct answer
A.
Interest rates fluctuate over time
B.
Borrowers have predictable monthly payments
C.
Payment terms are adjustable every year
D.
No down payment is required

Quiz

10/10
Mortgage Arrears and Post-Completion Issues
What is the primary consequence of mortgage arrears?
Select the answer
1 correct answer
A.
Increased interest rates
B.
Potential loss of the property
C.
Enhanced credit score
D.
Access to additional loans
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Info quiz:

  • Quiz name:CEMAP 3 - Assessment of Mortgage Advice Knowledge (ASSM) Test
  • Total number of questions:200
  • Number of questions for the test:100
  • Pass score:70%
  • Number of topics:4 Topics
Study topics:Number of questions:
  • Mortgage Applications:50 Questions
  • Mortgage Arrears and Post-Completion Issues:50 Questions
  • Mortgage Law, Policy, and Markets:50 Questions
  • Mortgage Payment Methods and Products:50 Questions

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