Mexico Real Estate Quiz by Harriet Cochran Murray, Director of Cochran Real Estate

Mexican Real Estate Quiz

by Harriet Cochran Murray

www.CasasandVillas.com

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.  Operadora 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, Director of Cochran Real Estate, is a seasoned Real Estate professional both here in Puerto Vallarta, Mexico and in the United States. Harriet has served in many capacities as a board member for the local Real Estate Association AMPI (AMPI is the national association of real estate professionals). She is also a member of FIABCI, NAR in the United States and a proud member of CIPS (Certified International Property Specialist), a designation of NAR.  Harriet’s expertise and experience in the Real Estate and especially in the Mexican market makes her Viewpoint blog articles both informational and intriguing. Harriet is a Buyer’s Agent who specializes in getting the best deal on the right property for her clients. Visit her website at www.CasasandVillas.com and Check out her Real Estate Listings.

 

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