LVO Quiz 1
LVO Knowledge Challenge
Test your understanding of the Verification of Identity (VOI) process and credit assessment with our engaging quiz! This quiz is designed for professionals in the property and finance sectors to enhance their knowledge and ensure compliance with the necessary regulations.
- 10 Multiple Choice and Checkbox questions
- Immediate feedback on your answers
- Score-based assessment for professional development
If we receive an overseas passport as part of the VOI process, what, if any, additional documents will we require?
Medicare Card
Birth Certificate
Document Confirming VISA status
Bank Card
Why do we complete the VOI process?
Acts to protect and reduce risk of land title fraud
Required by MSA to complete the title update
A requirement specific to property transactions
All of the above
What is an acceptable minimum age of a credit file (less than this must be queried as to reason age is less than this)
0-3 Months
6 Months
12 Months
18 Months
What is the maximum default amount we would consider that is listed on a credit file
$250
$500
$1,000
$2,000
What is a Caveat?
Gives a third party the right to use part of the property
A ‘warning’ Someone has an interest in the property as a priority.
Form of notice or restriction on a property
Condition tied to the land the property lies on
What types of ownership are acceptable for a Switch product?
Sole & Tenants In Common
Sole & Joint Tenants
Joint Tenants & Tenants In Common
Sole, Joint Tenants & Tenants In Common
Please select all UNACCEPTABLE securities
Vacant Land
Income Producing Properties
Properties under construction by an owner/builder
High Density Apartments
On an AVM, what is the maximum % acceptable on an FSD
5%
10%
12%
15%
On a full valuation and regarding the risk ratings, select ratings where we would refer the application to credit to review
2 risk ratings of 3
One risk rating of 4
3 risk ratings of 3
One risk rating of 5
It is acceptable to cross collateralize properties for security purposes
TRUE
FALSE
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