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1. What is the word used in Mexico for a deed?
a. poliza b. cuenta c. escritura d. campańa
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. compańia 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:
1c - 2c - 3b - 4 b - 5b - 6a - 7a - 8b - 9a - 10b - 11a - 12a
13b - 14b - 15d - 16b - 17a - 18c - 19d - 20b - 21c - 22c
Harriet Cochran Murray
E-mail: harriet@casasandvillas.com
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.
For additional information on properties, for sale or lease within the bay please visit Harriet Murray Website, call or e-mail me at:harriet@casasandvillas.com
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