Before you can invest in private real estate, you’ll need to complete a questionnaire known as the Appropriateness Questionnaire. This is required by the FCA because fractional property investments are considered high-risk, unlisted investments. 

In this guide, we’ll walk you through what kind of themes to expect and how to prepare so you can complete this step with ease.

Why does this questionnaire exist?

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This questionnaire is designed to make sure you understand what kind of product you’re investing in, and what the risks are. The FCA requires this step because fractional real estate investments are not regulated like traditional savings or listed investments.

Key risks include:

• Your capital is at risk and returns are not guaranteed
• These investments are illiquid and you may not be able to exit early
• They’re not covered by the FSCS (Financial Services Compensation Scheme)

By passing this test, you confirm that you’ve understood these important risks and that this investment is appropriate for your level of knowledge and experience.

What to expect in the questionnaire

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• Format: 6 multiple-choice questions
• Time required: 3-5 minutes
• Passing Criteria: All 6 questions must be answered correctly

You’ll take the test directly in the app. If successful, you'll move on to selecting your investor type.

Key risk themes and what to know

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Below are the main themes you’ll be tested on, with the key points to understand:

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Pro Tip: Read every question and each option very carefully. Some incorrect answers may sound plausible but include language like "guaranteed", “safe” or “protected.” Real estate investing always carries some level of risk.

What happens if you pass or fail

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If you pass:

• You’ll enter a 24-hour cooling-off period
• You’ll then need to select your investor type
• After the cooling-off period, you’ll be able to start investing in real estate deals
  
  

If you fail:

• You must wait 24 hours to retake the test 
• If you fail twice, your access to real estate investments will be locked indefinitely

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What if I chose the wrong investor type or need to retake the questionnaire?

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If you believe you selected the wrong investor type, or if your situation has changed, contact our support team. The team can reset your status so you can go through the process again.

Resets may be granted for a range of valid reasons, such as:

• Changes to your financial situation or investment experience
• Errors made when completing your original submission
• Certain technical issues while taking the questionnaire

Our support team will guide you through the next steps and confirm what information is needed before a reset can be applied.

Tips before you attempt the questionnaire

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1. Read the app’s risk disclosures carefully before starting the test
2. Take your time. Don’t rush through the questions
3. Be realistic. If an option sounds too safe (too good to be true), it's likely the wrong choice

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Frequently Asked Questions