Puerto Rico Real Estate Flashcards

Puerto Rico Real Estate Flashcards One of the requirements of the Real Estate Settlement Procedures Act (RESPA) is that the lender must provide the purchaser with Good faith estimate of closing costs A home buyer obtains a loan that only partially amortizes the principal. This type of loan must include a Ballon payment The utilities of the apartment may be interrupted after no condominium payments of

• months

A landloard and a broker most likely would be guilty of discrimination if the lease agreement included a clause

stating that renters:

May not have children living in the house The extraordinary Usucapion needs (years) 30 Pinto has a basis of $60,000 in his primary residence. He sells the house for $150,000. The brokers commission was 6% and other selling expenses totaled $500. What is the gain on Pito's transaction?

$80,500

A borrower was delinquent on his mortgage and the lender started a foreclosure action. The borrower has the right to regain ownership of the real estate through the right of Redemption A broker receives a check for earnest money from a buyer on Saturday and deposits the money in his personal checking account over the weekend. This action may

expose the broker to a charge of:

Commingling A buyer wishes to continue making the payments on the seller's existing low interest mortgage. The buyer will not

be permitted to do this if the mortgage includes:

Alienation clause or due on sale If the economy is expanding too rapidly and the Federal reserve wishes to slow the economy down and reduce inflation, it could Increase the reserve requirement for banks Penny, a notary, authorized a power of attorney. The notary has 72 hours to notify the registry of Powers

The right of usufruct is:Use and enjoyment that is given to the usufructuary

What is the area of a land if the base is 15' and the high is 20' 150 An investor wishes to measure the return from a real estate investment. To accomplish this, the investor would most likely use the property's Capitalization rate A homebuyer makes a small down payment and receives a mortgage for $148,000 but must pay a monthly point premium for a private mortgage insurance (PMI) the monthly pmi is 61.67

Repairing a faulty air conditioning unit is consideredCorrective maintenance Yunque Valley is a condominium community with a swimming pool, tennis court and bike trail. These amenities are most likely owned by all the unit owners and under the

law are known as:

General common elements Licensed Salespeople can legally receive commissions from Their employing broker The Registrador of the property to occupy the post needs

an experience of at least:

Lawyer and public notary with 7 years of experience The use in a condominium deed may be changed in a meeting of all the owners by Unanimous Under the Rules of Ethics of Puerto Rico, a homeowner and a broker enter into an exclusive listing agreement for the sale of the owner's house. In the agency relationship created by the listing contract, who is really the principal?The homeowner A buyer wants to withdraws a 90% finance sales price offer to purchase a home after have been approved by the bank with no legal reason in this case the earnest money Split between the seller and the broker if the buyer after in bad faith A property has a mortgage of $86,000 with an interest rate of 8.5% paid annually the amount of interest paid for the year is 7310 A contract of lease isBilateral A contract in which a promise for sales of real estate was

made and both parties perform some actions is called:

Bilateral contract The investment principle of liquidity can be described asThe speed at which the investment can be converted to cash X The registrador of property is named byGovernor and by the consent of the senate What is the maximum property tax deduction available for a homeowner who lives the property by Jan 1

15,000

A year ago a father died and left a signed handwriting document to his only son, where he described a residential house and wanted him to be on his name. The act is considered a Holographic will The mortgagees right to declare the entire loan balance due immediately if the mortgagor is in default is called Acceleration clause Walter is the owner of a property. He finds Sammy who is interested in building a home to live in. Walter wells the flight over the roof of his house so that Sammy can build his own house. This is known as Real right of Surface The type of interest held by the owner of a property with a condition subsequent is a Defensible estate Primary location where the taxpayer resides is established by first day of January Who bears the liability for the condominium fees under a lease agreements if both agreed that the lessee must make

the payments Lessee is liable to the lessor

Which of the following loan programs provides the greatest leverage by requiring the smallest down payment?VA loan Which of the following expenses may homeowners take as a deduction on their income tax returns?Interest pain on all mortgages What is the maximum property tax deduction available for a vertex as homeowner who lives the property by Jan 1

20,000

The principal property managers obligations and duties in a condominium is found in the Condominium law A tenant receives a proprietary lease through the purchase of stock in the corporation that owns the building. The tenant must be living in a Cooperative Real Estate brokers and companies must report the escrow account to DACO within 30 days and to the board Which of the following activities usually requires a real estate license Attorney at law selling a property he had listed A contract in which one party makes a promise and the

other party performs some action is called:

Unilateral A's home is the smallest in a neighborhood of large, expensive houses. The effect of the other house on the value of A's home is known as Progression Who bears the liability for the condominium fees under the condominium law if the lease agreements did not mention who is a primary liable The lessor remains primarily liable The title of the property obtained by possession in time is known as Usucapion A contract of lease can be sublet?Yes, quiet sublet clause allows positive action If a property sold for the amount of its assessed value, the annual tax on the property is $1,200 and the annual tax rate is .015, the selling price of the property was

80,000

The contract that obligates a broker as an intermediary

between the buyer and the seller is called:

Broker Contract Nino lessor of an apartment incurred in an urgent repairment and it took 45 days to put back all the thing right. Mandy lessee claim to Nino rent moneys reduction based on sqft. Area not used during the urgent repairment,

determine his statement:

Valid, the repairment took more than 40 days Barbie, landlord, and Minnie, tenant, made a rental contract for 2 year and registered it in the Land Registry. After 6 months, Barbie sells the property to George. George demands that Minnie leave the property. Determine if

George has the right:

No because the contract is registered in the Land Registry The ordinary Usucapion needs (years)10 present Which law is known as Regulation BEqual credit opportunity act An investor intends to purchase a commercial property and then lease it at an annual rent of $70,000. Annual