Question 2 The implications for Hayley of the surveyor's recommendation regarding the wet rot are that: A) B) C) D) the insurance cover for the property will exclude wet rot. she will have three months to effect the repairs. the lender will offer a reduced mortgage loan. she will have to find extra short-term funds.
Question 3 The significance of the surveyor's recommendation regarding the bathroom, when compared to that regarding the wet rot, is that: A) Hayley must replace the bathroom suite in order to obtain the full advance. B) Hayley can defer replacing the bathroom suite for a limited period without a reduction in the advance. C) if Hayley chooses to take no action, the Society can automatically reclaim part of the advance. D) the Society can arrange for the work to be done without Hayley's permission.
Question 4 Under the terms of the Banking Code, Hayley: A) B) C) D) can transfer an unlimited liability to Shelley. may have to transfer the property to Shelley. must be recommended to seek independent legal advice. must agree that Shelley may pay the mortgage.
Question 5 Shelley's obligation, with regard to the Society, is to: A) B) C) D) ensure Hayley keeps her payments up to date. deposit funds with the Society for a specified period. take over Hayley's payments if she fails to make them. reimburse the Society for any shortfall under a MIG claim.
Question 6 As part of the assessment of Hayley's status, the Glade Building Society is likely to assess her annual income for lending purposes as: A) B) C) D) £30,000. over £25,000 but under £30,000. £25,000 less tax. £25,000.
Question 7 The search carried out on Hayley by the Glade Building Society was necessary: A) B) C) D) to obtain information regarding her creditworthiness. to satisfy money laundering regulations. because she was not on the electoral roll. because a personal guarantee was required.
Question 8 Which of the following statements is correct in the event that the Glade Building Society has to make a claim on the MIG policy?: A) B) C) D) The insurer could seek reimbursement from either Hayley or Shelley. The lender's claim would be restricted to £16,000. The insurer could see reimbursement from Hayley but not from Shirley. The insurer...