CeMAP Mock Exam Questions

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CeMAP Exam Questions 2017

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Q:1-Bradley Building Society has commercial assets of £80 million. What is the MAXIMUM it can lend to limited companies secured on land?
Mark one answer:

£8 million
£2O million
£32 million
£40 million



Q:2-Paul took out a loan to purchase timeshare accommodation in the UK and Henry took out a loan to purchase a holiday home in France. Which transaction if either is deemed a regulated mortgage?
Mark one answer:

Henry's
Paul's
Both
Neither


Q:3-Which one of the following statements is FALSE in relation to the power to borrow?
Mark one answer:

Attorneys can borrow on behalf of the other person if they have a current power of attorney that includes this
Trustees can create a mortgage if the trust deed permits it
An executor named in a will can create a mortgage if it is for the purpose of administering the estate
A personal representative appointed by letters of administration has no powers to create a mortgage


Q:4-Which one of the following should NOT be specified as part of a building society's lending policy?
Mark one answer:

Which company's endowment policies will be accepted
What categories of people can be considered for loans
What types of property will be accepted as security
What interest rates will apply to different types of loan


Q:5-Henry has discovered he is unable to enter into a contract to buy Jenny's house. This is because:
Mark one answer:

Henry has not yet appointed a solicitor
Henry is only 20, although he has funds for the deposit
Jenny is selling on behalf of her mother who is out of the country and not aware of Jenny's intentions
Jenny suffers from minor depression for which she receives medication so she can continue working



Q:6-A person of unsound mind who requires housing funded by a mortgage:
Mark one answer:

should appoint a specific power of attorney to another individual.
needs to appoint an enduring power of attorney to another individual.
is able to borrow in his or her own right.
must be represented by a person appointed by the Court of Protection.


Q:7-A person who is given a legal responsibility to act on behalf of another while the latter is living abroad is known as:
Mark one answer:

A personal representative
An attorney
An administrator
A trustee


Q:8-Who of the following is legally able to take out a mortgage to buy a new property?
Mark one answer:

Sue, whose power of attorney has just been appointed to the Court of Protection.
Diane, who became a discharged bankrupt 6 months ago.
Jennie, whose bankruptcy order came into force 8 months ago.
Maria, who is 17 years of age and about to marry with her parents' consent.


Q:9-Which of the following statements is true?
Mark one answer:

Trustees have automatic borrowing powers, irrespective of the contents of the trust deed.
Trustees can borrow unless the trust deed specifically prevents it.
Trustees can only borrow if the loan is for dealing with probate matters.
Trustees can only borrow if they are specifically empowered to do so by the trust deed.


Q:10-Which one of the following is true in relation to lending to limited companies?
Mark one answer:

Building societies can secure up to 75% of commercial assets on loans secured on land.
The security offered must be a commercial property.
Loans to limited companies represent potentially higher margins and lower risk.
To establish whether it is legally entitled to borrow, a lender should examine the memorandum and articles of association.



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