Ops Quiz - Customer Documentation
Quiz - Customer Documentation
- 1.
Every customer must sign the List First Estate Agency Conditions
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement says that every customer must sign the List First Estate Agency Conditions, but this is not true. It implies that signing the conditions is a requirement for every customer, which is incorrect. There may be certain customers who are exempted from signing these conditions or have different terms and conditions. Therefore, the correct answer is False.Rate this question:
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- 2.
We currently give the opportunity of an Advance to a customer
- A.
Once they have signed the List First Estate Agency Conditions
- B.
Always 13 days after listing at our recommended price
- C.
After 14 days of listing at our marketing strategy, but might take longer and is subject to the customer meeting our Advance criteria
- D.
30 days after listing at our recommended price
Correct Answer
C. After 14 days of listing at our marketing strategy, but might take longer and is subject to the customer meeting our Advance criteriaExplanation
The correct answer suggests that the opportunity of an Advance is given to a customer after 14 days of listing at the company's marketing strategy. However, it is important to note that this timeline might be extended if the customer does not meet the company's Advance criteria.Rate this question:
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- 3.
What is a customer required to sign once they have passed DD and are formally offered an Advance?
- A.
3 documents - the List First Estate Agency Conditions, Estate Agency Conditions and Advance Offer
- B.
3 documents - the List First Estate Agency Conditions, Advance Offer and Advance Illustration
- C.
5 documents - the List First Estate Agency Conditions, Advance Offer, Advance Illustration, Advance Conditions and Tariff of Charges & Definitions
- D.
1 document - the Advance Offer Doc
Correct Answer
D. 1 document - the Advance Offer Doc -
- 4.
How is the Agency Fee currently calculated in the Estate Agency Conditions
- A.
Percentage of Sale Price
- B.
Percentage of whichever is higher of the Advance or the Sale Price
- C.
Percentage of the Advance
- D.
Percentage of whichever is lesser of the Advance or the Sale Price
Correct Answer
B. Percentage of whichever is higher of the Advance or the Sale PriceExplanation
The agency fee is currently calculated as a percentage of whichever is higher between the advance and the sale price. This means that the fee will be based on the higher value between the two. For example, if the advance is higher than the sale price, the fee will be calculated based on the advance amount. On the other hand, if the sale price is higher than the advance, the fee will be calculated based on the sale price. This method ensures that the agency fee is fair and reflective of the actual transaction value.Rate this question:
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- 5.
The customer is required to insure the property only until they take the Advance?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The customer is not required to insure the property only until they take the advance. This implies that the customer is not obligated to have insurance solely during the time they receive the advance. The statement is false because the customer may be required to insure the property for a longer duration, even after taking the advance.Rate this question:
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- 6.
At what stage is the customer able to withdraw from the Advance Offer without paying any of our fees?
- A.
Any time before the funds for the Advance are released (drawdown) & before we have sold the property
- B.
Only at the point we make the Advance Offer
- C.
Only if we can't sell the property within 12 months
- D.
None of the above; they can't withdraw
Correct Answer
A. Any time before the funds for the Advance are released (drawdown) & before we have sold the propertyExplanation
The customer is able to withdraw from the Advance Offer without paying any fees at any time before the funds for the Advance are released (drawdown) and before the property is sold. This means that if the customer changes their mind or decides not to proceed with the offer, they can do so without any financial consequences as long as the funds have not been released and the property has not been sold.Rate this question:
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- 7.
Will & Kate qualified for an Advance and want to use it for their onward purchase of their new home Kensington. The List First Estate Agency Conditions says Will & Kate have to use a Solicitor from the Nested Panel for their onward purchase.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The explanation for the answer "False" is that the statement mentions that Will & Kate have to use a Solicitor from the Nested Panel for their onward purchase. However, the question does not provide any information about whether or not Will & Kate have used a Solicitor from the Nested Panel. Therefore, we cannot determine whether the answer is true or false based on the information given.Rate this question:
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- 8.
Victoria & David want to drawdown the Advance on 1 April 2019. When are they required to vacate the property?
- A.
2nd April 2019, as April Fools Day is not a good day to move house
- B.
7 working days before drawdown of the Advance
- C.
On or before the date they drawdown the Advance
- D.
Any time prior to completion of their sale
Correct Answer
C. On or before the date they drawdown the AdvanceExplanation
Victoria and David are required to vacate the property on or before the date they drawdown the Advance. This means that they need to move out of the property before they receive the funds from the Advance.Rate this question:
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- 9.
Nested are happy to give an Advance if the Seller's existing mortgage stays in place on the property
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that Nested is willing to provide an advance only if the seller's existing mortgage remains on the property. However, the correct answer is false, indicating that Nested does not require the seller's existing mortgage to stay in place for them to give an advance.Rate this question:
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- 10.
We will reimburse the customer for their bills between drawdown of the Advance and the completion of the sale of their property
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because it states that the customer will be reimbursed for their bills between the drawdown of the Advance and the completion of the sale of their property. However, there is no mention of any reimbursement in the given statement. Therefore, the correct answer is false.Rate this question:
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- 11.
Harry & Meghan came to Nested as they really need access to money ASAP. Our DD checks have been signed off and they have been offered an Advance! Will we give Harry & Meghan the Advance to pay for their round-the-world trip?
- A.
Yes, but only if they will let out the property on Airbnb while away and the rental income is paid to Nested
- B.
No, because they won’t be home to tidy the house for viewings
- C.
Yes, but only if they drawdown just what is required for the trip, as the contract allows partial drawdown
- D.
No, because we only allow drawdown of the Advance if a customer has an onward purchase (or another specified purpose within our discretion which we agree to)
Correct Answer
D. No, because we only allow drawdown of the Advance if a customer has an onward purchase (or another specified purpose within our discretion which we agree to)Explanation
The correct answer is that Harry & Meghan will not be given the Advance to pay for their round-the-world trip because Nested only allows drawdown of the Advance if a customer has an onward purchase or another specified purpose within their discretion. Since the purpose of their trip does not fall under the specified purposes, they are not eligible for the Advance.Rate this question:
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- 12.
Why are we required to send the Advance Illustration to customers?
- A.
Because it is helpful for the customer to have a general idea of the terms of the Advance
- B.
Because the Advance is a regulated mortgage and the Financial Conduct Authority requires us to provide an illustration to customers
- C.
Because it contains Nested's requirements for using the Advance
- D.
Because it gives the customer information about the Financial Conduct Authority
Correct Answer
B. Because the Advance is a regulated mortgage and the Financial Conduct Authority requires us to provide an illustration to customersExplanation
The correct answer is because the Advance is a regulated mortgage and the Financial Conduct Authority requires us to provide an illustration to customers. This explanation states that the Advance is a regulated mortgage, meaning it is subject to certain rules and regulations set by the Financial Conduct Authority. As a result, it is mandatory for us to provide an illustration to customers, which helps them understand the terms and conditions of the mortgage. This ensures transparency and compliance with regulatory requirements.Rate this question:
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- 13.
Bob & Barbarella are going through the Nested due diligence checks, and want to drawdown the Advance. They are able to request drawdown of the Advance at any time during the DD period by giving 10 working days notice to Nested, via their solicitors.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. Bob & Barbarella cannot request drawdown of the Advance at any time during the DD period by giving 10 working days notice to Nested, via their solicitors.Rate this question:
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- 14.
If Elton & David are buying their next property before we have sold their current property and the SDLT on their onward purchase is £75,500, how much of this SDLT figure will Nested cover?
- A.
The 3% SDLT Surcharge, up to £45,000
- B.
The full £75,500
- C.
£45,000 only
- D.
Either 3.5% or £45,000
Correct Answer
A. The 3% SDLT Surcharge, up to £45,000Explanation
Nested will cover the 3% SDLT surcharge on the onward purchase, up to a maximum of £45,000. This means that if the SDLT on their onward purchase is £75,500, Nested will cover the portion of the surcharge that is up to £45,000.Rate this question:
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- 15.
In what document is the clause in relation to us paying the SDLT Surcharge?
- A.
Advance Offer and Advance Conditions
- B.
Estate Agency Conditions
- C.
List First Estate Agency Conditions
- D.
Advance Illustration
Correct Answer
B. Estate Agency ConditionsExplanation
The clause in relation to paying the SDLT Surcharge is found in the Estate Agency Conditions document.Rate this question:
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