CeMAP® 2 eCourse Day 2

Where We Are Today

We're well into Unit 3 which is Mortgage Law, Policy Practice and Markets.  Today we're going to take a look at property defects and the implications to lenders and customers and also buying at auctions.

This section represents about 20% of Unit 3, and since there is 25 questions in Unit 3, I reckon on you getting about 5 questions in the actual exam on this part. 

Your Reading Assignment

Click here to download the CeMAP® 2 Revision Guide, unless you already have access to it.

You might want to save this to your hard-disk or print it off as you'll be referring to this each day of your eCourse.

Today I'd like you to read pages 37 to 43 and 59 to 60 of the Revision Guide.

In addition you ought to then read the section in the ifs School of Finance textbook for CeMAP® 2. 

Today I'd like you to read pages 70 to 71 and 81 to 84 of the ifs School of Finance Textbook.

Naturally you can do other reading and the best place to start is the internet.  There are thousands of sites to help explain things and a Google search will do wonders.  The Financial Services Authority have a really good site and a great mortgage section at:

http://www.moneymadeclear.fsa.gov.uk/campaigns/Mortgages.html

One of my favourites is the Motley Fool.  These people have an excellent section of mortgages with loads of information.  Find them at:

http://www.fool.co.uk

But don't just read the textbook as that can be really dull.  Instead break up your study by doing the activity challenge below and the multi choice questions.  Everyone learns differently.

Your Activity

Click here to download the CeMAP® 2 Active Learning Workbook.  Again you may wish to save this or print it off for future use as you'll be directed to pages within this every day.

Today I'd like you to have a go at two activities in the workbook:

• Number 5 - Be a Surveyor for the Day on page 13
• Number 4 - The Conveyancing Poster on page 11

Your Multiple Choice Questions

1. A survey report on Tony's house has recommended the involvement of a tree surgeon. What aspect of his property needs attention?
   A    Foundations.
   B    Gas supply.
   C    Ring mains.
   D    Roofing.
    
2. A mortgage advance has been provided in two stages six weeks apart. What factor triggered this approach?
   A    A borrower's poor credit rating.
   B    A retention recommended by the valuer.
   C    A town planning application that affects the property.
   D    A valuation that was lower than the agreed sale price.
    
3. A builder is planning to buy a terraced house, in cash, at a property auction. If this is due to take place on 15 June, by what latest date should he have the cash available for the deposit?
   A    15 June.
   B    22 June.
   C    29 June.
   D    15 July.
    
4. Hazel paid a £5,600 deposit following her successful bid at a property auction but due to an unexpected change in her circumstances she was unable to proceed with the purchase. How much of her deposit will normally be returned to her?
   A    None of it.
   B    Only £560.
   C    Only £5,040.
   D    All of it.

Your MP3 Download

Here's a short MP3 file for you today on property defects.  Just a couple of minutes long. Click here

But do listen to them today.  You can often just click on the link to be able to hear them now on your computer or you can right click them to save the file for later listening.

Multiple Choice Answers

1. A
2. B
3. A
4. A

Any queries, email me by clicking here