1. What is the distance a foreigner can purchase property from the border in Mexico?
a) 10 kilometers (6.2 miles)
b) 20 kilometers (12.4 miles)
c) 50 kilometers (31.1 miles)
d) 100 kilometers (62.1 miles)
2. Which government agency is responsible for regulating real estate transactions in Mexico?
a) Mexican Property Association
b) National Real Estate Council
c) Mexican Property Registry
d) Secretariat of Urban Development and Housing
3. What is a fideicomiso?
a) A local real estate agent
b) A legal trust used to hold property in Mexico
c) A government permit for foreign buyers
d) A type of real estate tax
4. Which of the following is required for a foreigner to purchase property in the restricted zone in Mexico?
a) Mexican citizenship
b) A minimum age requirement
c) A work visa
d) A fideicomiso or a Mexican corporation
5. What is the approximate cost of closing fees in Mexico?
a) 1-2% of the purchase price
b) 5-7% of the purchase price
c) 10-15% of the purchase price
d) 20-25% of the purchase price
6. What is the first step when buying property in Mexico?
a) Finding a real estate agent
b) Hiring a property inspector
c) Making an offer
d) Conducting due diligence
7. What is the role of a notary public in a real estate transaction in Mexico?
a) Conducting property appraisals
b) Ensuring the legality of the transaction
c) Providing mortgage financing
d) Negotiating the purchase price
8. What is the distance a foreigner can purchase property from the coastline in the restricted zone in Mexico?
a) 10 kilometers (6.2 miles)
b) 20 kilometers (12.4 miles)
c) 50 kilometers (31.1 miles)
d) 100 kilometers (62.1 miles)
9. What is the most common form of property ownership in Mexico?
a) Fee simple
b) Joint tenancy
c) Leasehold
d) Condominium regime
10. What should a buyer do before signing the final contract for a property in Mexico?
a) Hire an attorney to review the documents
b) Pay the full purchase price upfront
c) Renegotiate the purchase price
d) Inspect the property for damages
Answers:
1. d) 100 kilometers (62.1 miles)
2. b) National Real Estate Council
3. b) A legal trust used to hold property in Mexico
4. d) A fideicomiso or a Mexican corporation
5. b) 5-7% of the purchase price
6. d) Conducting due diligence
7. b) Ensuring the legality of the transaction
8. c) 50 kilometers (31.1 miles)
9. d) Condominium regime
10. a) Hire an attorney to review the documents
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