EQRS Mock Paper 1 — Equity Release SolutionsEasier
The gentlest EQRS mock: a widow needing income, a couple worried about inheritance, and a homeowner who should probably downsize or use a RIO instead. 3 case studies, 30 marks, 60 minutes.
Ready when you are
The timer starts when you press the button. You can still finish after it runs out — it is there to mimic exam pressure, not to lock you out.
Free preview: the first 5 of 30 questions, with a timer to match. Unlock the full paper
Answer options are shuffled on every attempt. Your progress is saved as you go, so a refresh won't lose it.
About EQRS Mock Paper 1
This is mock paper 1 of 5 for EQRS, the Equity Release Solutions unit of CeRER. The 5 papers in this unit run easier → harder so you can build up to exam standard rather than being thrown in at the deep end. This one sits in the easier tier: the wording is clean and the wrong answers are less subtle than the ones the examiner writes, so it is the right place to find out what you actually know.
Every question carries a written explanation, so a wrong answer tells you which rule you have misread instead of just costing you a mark. Questions are original, written against the current CeRER syllabus, and cover the material the way the examiner tests it — precise recall where recall is tested, and judgement where the paper wants judgement.
Format, timing and pass mark
EQRS Mock Paper 1 follows the live EQRS format: 3 case studies × 10 linked questions, in 60 minutes — about 120 seconds a question. Pass mark 21/30 (70%), as in the real assessment. There is no negative marking, so answer everything. 3 case studies carry linked questions: read each scenario once, carefully, before answering any part of it.
What this paper tests
The 30 questions in EQRS Mock Paper 1 break down across 8 topic areas:
- Risks & safeguards7 questions
- Alternatives5 questions
- Lifetime mortgages5 questions
- Advice process4 questions
- Suitability4 questions
- Benefits & tax2 questions
- Home reversion2 questions
- Regulation & bodies1 question
Try two questions from EQRS Mock Paper 1
These come from the free preview of this paper. Answer them, then reveal the explanation.
Case study 1 — The widow needing income
Irene Thornton (74) is a widow living alone in her mortgage-free bungalow in Nottingham, valued at £260,000. Her income is her State Pension of £958 a month plus a small widow's pension of £150 a month — £1,108 a month in total. She has £3,000 in savings and receives Attendance Allowance of £110 a week for help with mobility, which she has been told is not means-tested. Her income is too high for Pension Credit. Irene says she needs an extra £400 a month to cover rising heating costs, home repairs and the odd day out with her grandchildren, and is adamant she does not want to leave her home or her neighbours. She has heard equity release 'takes your house away' and is nervous about signing anything.
Suitability
Given Irene's stated need — a modest, ongoing £400 a month top-up rather than one large sum — which structure is most suitable?
- AA home reversion plan covering 100% of the property
- BA drawdown lifetime mortgage: a small initial release with a reserve facility she draws down as needed
- CA maximum lump-sum lifetime mortgage taken in full today, to guarantee the rate is fixed before it can rise
- DAn interest-only lifetime mortgage requiring full monthly interest payments she cannot evidence affording
Reveal the answer
B is correct. Irene's need is a recurring modest top-up, not a single large sum. A drawdown facility lets her release only what she needs when she needs it, so interest only accrues on money actually drawn — minimising the rolled-up cost compared with taking the maximum lump sum on day one.
Case study 1 — The widow needing income
Irene Thornton (74) is a widow living alone in her mortgage-free bungalow in Nottingham, valued at £260,000. Her income is her State Pension of £958 a month plus a small widow's pension of £150 a month — £1,108 a month in total. She has £3,000 in savings and receives Attendance Allowance of £110 a week for help with mobility, which she has been told is not means-tested. Her income is too high for Pension Credit. Irene says she needs an extra £400 a month to cover rising heating costs, home repairs and the odd day out with her grandchildren, and is adamant she does not want to leave her home or her neighbours. She has heard equity release 'takes your house away' and is nervous about signing anything.
Alternatives
Before recommending equity release, the adviser must explore alternatives with Irene and record the outcome. Which of these should be discussed FIRST?
- AWhether Irene should remortgage onto a standard repayment mortgage at age 74
- BWhich equity release lender pays the highest procuration fee
- CDownsizing to a smaller property, family assistance, her existing savings, and any local grants for repairs (such as a Disabled Facilities Grant or home improvement agency support)
- DConverting her Attendance Allowance into a lump sum
Reveal the answer
C is correct. Suitability and Consumer Duty require cheaper or less risky alternatives to be considered first — downsizing, family help, existing savings and any available grants — with reasons for rejecting them recorded. Irene has already said she does not want to move, but that preference must still be explored and documented, not assumed.
Scored under 70%? Revise these next
A near miss is almost always a calculation you cannot do under time pressure, a definition you half-know, or a rule you have never read in the examiner's words. Start with the topic areas above where you dropped marks, then:
- →Drill the calculations on the CeMAP formula sheet — LTV, income multiples, SDLT, APRC, ERCs and rental cover, each worked through.
- →Nail the terminology in the CeMAP glossary — a surprising share of wrong answers are a term you nearly knew.
- →Re-read the syllabus coverage on the EQRS exam guide, then sit the next paper in the ramp.
The other EQRS mock papers
5 timed mocks for this unit, running easier → harder. Sitting the whole ramp is what moves a borderline score to a comfortable pass.