Quiz - Week 3 review

This is a sum payable by the Purchaser as an initial payment on the Purchase price.

• Deposit

• Purchase Price

• Council rates

• Water rates

These are the initial correspondence that is sent to a client on all files.

• Searches

• Deposit

• First Suites

• Invoice

True or False. Properties bought from auction doesn't have a cooling off period and has a Waiver.

• True

• False

It is a lender's estimate of how much you could afford to borrow for a home loan based on various factors and provided you meet certain conditions.

• Unconditional Approval

• Mortgage Documents

• Loan Payout

• Pre-approval

True or False. First Titles is paid annually.

• True

• False

It is where someone in a position of trust is serving or attempting to serve two or more interests and it would be difficult for that person to fulfil their duties impartially.

• Conflicts of interest

• Code of Ethics

• Undertaking

• All of the above

True or False. There is another insurance company who offers a First Title Insurance.

• True

• False

It is a formal agreement which varies the terms of the Contract.

• Form 20

• Deed of Rescission

• Deed of Variation

• Finance Satisfaction Letter

How many days does a cooling off period applies in VIC and NSW?

• 3-5 business days

• 5 days

• 7 business days

• 7 days

The purchase price of a property where CGT applies.

• $750,000.00 only

• $750,000.00 and above

• $551,000.00 and above

• None of the above