Ops Quiz - Customer Documentation

15 Questions | By Catherinehalcomb | Last updated: Mar 18, 2022 | Total Attempts: 47

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Quiz - Customer Documentation

Questions and Answers

1.

Every customer must sign the List First Estate Agency Conditions
- A.
  
  True
- B.
  
  False
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
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
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
5.

The customer is required to insure the property only until they take the Advance?
- A.
  
  True
- B.
  
  False
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
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
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
9.

Nested are happy to give an Advance if the Seller's existing mortgage stays in place on the property
- A.
  
  True
- B.
  
  False
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
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)
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
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
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
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