Mortgage law & policy
34 practice questions with explanations — 15 free to try
PassNova has 34 CeMAP — Mortgage Advice practice questions on Mortgage law & policy, each with a clear explanation. A 15-question taster is free with no sign-up; the full bank is part of PassNova Premium. Updated for 2026.
Mortgage law & policy: example questions & answers
2 worked examples with answers and explanations below. Try 15 CeMAP — Mortgage Advice questions free in the browser; the full 34-question Mortgage law & policy bank is part of PassNova Premium.
In English property law, what does a 'mortgage' fundamentally create for the lender?
- AA right for the lender to occupy the property immediately
- BA charge over the property as security for the loan✓
- COutright ownership of the property transferred to the lender
- DA right to sell the property at any time without process
Answer: A mortgage creates a charge (security) over the property; legal ownership remains with the borrower. The lender's rights, including possession and sale, are subject to legal process and protections.
What is the term for the borrower's right to redeem the mortgage and have the charge removed once the debt is repaid?
- AThe equity of redemption✓
- BThe covenant of quiet enjoyment
- CThe right of foreclosure
- DThe deed of priority
Answer: The equity of redemption is the borrower's right to clear the debt and free the property from the lender's charge. It cannot be unfairly fettered (no 'clog' on the equity of redemption).