Viewpoint  2006

Real Estate Quiz
February 1, 2006
Real Estate Quiz

 

1. What is the word used in Mexico for a deed?
 a. poliza
b. cuenta
c. escritura
d. campaña

2. If you are required to pay "impuestos sobre la renta" when you sell real estate in Mexico, you are paying:
a. sales tax
b. luxury tax
c. capital gains tax
d. rental tax

3. Federal maritime zone denotes:
a. the right of way on the highway
b. the shore line of the ocean
c. off-shore

4. If you sign a pagaré, you have signed a:
a. bill of sale
b. promissory note
c. offer to purchase
d. carta

5. The official person who can transfer real estate ownership is a:
a. abogado
b. notario publico
c. corredor público
d. affiant

6. The signatures attesting or witnessing a signature above it are called:
a. testigos
b. salutations
c. garantizados
d. primeros pagos

7. In the restricted zone, a foreigner can acquire property within a:
a. fidecomiso
b. fondo de dinero
c. préstamo
d. pagare

8. Operadoa de Fondos Lloyd, S.A is a:
a. bank
b. investment company
c. credit card
d. mortgage company

9. If you pay your predial annually, you have paid your:
a. property tax
b. precio
c. la cuenta
d. carta poder

10. One of the major national organizations in Mexico for real estate professionals is:
a. PRD
b. AMPI
c. NAR
d. PAN

11. If you agree to put money into escrow for a purchase of real estate, you have made a:
a. depósito condicional irrevocable
b. carta de remesa
c. convenio

12. If you are interested in what the interest rate is on a loan, you will want to know:
a. tasa de interés
b. tipo neto
c. cuenta asegurada

13. If you purchase an item and want a formal receipt, you may ask for:
a. a contrato
b. a factura
c. a cobertura
d. a fiscal

14. If you want to exchange money and the banks are closed, you want to go to a:
a. tienda
b. casa de cambio
c. compañia
d. edificio

15. If you are asked to pay within the price of a property or business for goodwill or increased value, you have agreed to pay for a:
a. pagaré
b. póliza
c. carta
d. plusvalia

16. If you give someone power of attorney for you, you have given a:
a. puestos
b. poder
c. cargo
d. forma corta

17. If you want to go to a real estate company, you will see it advertised as a:
a. agencia de bienes raíces
b. mercado de mercantiles 

18. If you acquire rights in a property, you have acquired:
a. transferencia
b. riesgo
c. derecho
d. fecha

19. We call real estate a real asset. In Mexico, we call real estate:
a. seguro
b. ganancia
c. corredor
d. bienes inmuebles

20. If you are asked to pay for a purchase in the equivalent of USD dollars, you will pay the rate in pesos, offered by the bank, which is:
a. the same
b. higher
c. lower

21. Licensing of real estate agents in Mexico at this time is:
a. required
b. optional
c. not required

22. A contingency for an inspection in an offer to purchase is:
a. used frequently
b. required
c. negotiated

Answer Key:
1.(c) - 2.(c) - 3.(b) - 4.(b) - 5.(b) - 6.(a) - 7.(a) - 8.(b) - 9.(a) - 10.(b) - 11.(a) - 12.(a)
13.(b) - 14.(b) - 15.(d) - 16.(b) - 17.(a) - 18.(c) - 19.(d) - 20.(b) - 21.(c) - 22.(c) 

 

Harriet Cochran Murray

This article is based upon legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller conduct his own due diligence and review.

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