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Questions and Answers
To find out if a building or an autonomous unit has been registered in the Property Cadastre or is being applied for registration by the owner, we require this information from:
To find out if a building or an autonomous unit has been registered in the Property Cadastre or is being applied for registration by the owner, we require this information from:
- The Municipal Council
- The Citius Portal
- The Finance Department (correct)
- The Land Registry
Which of the following statements about interest rates on loans is true?
Which of the following statements about interest rates on loans is true?
- For loans taken out at a fixed interest rate, banks sometimes use Swap rates as a reference, adding a spread to them. (correct)
- For loans taken out at a variable interest rate, the rate must be reviewed every 6 months.
- For loans taken out at a variable interest rate, the rate is always indexed to the Euribor at 6 or 12 months.
- For loans taken out at a fixed interest rate, the rate must remain the same for the entire term of the loan.
Do loan agreements that, while not being a mortgage loan, are secured by a mortgage on real estate, fall under the rules for mortgage loans?
Do loan agreements that, while not being a mortgage loan, are secured by a mortgage on real estate, fall under the rules for mortgage loans?
- No, the rules for mortgage loans do not apply to this type of contract.
- Yes, the rules for mortgage loans apply to this type of contract. (correct)
- No, in addition to the general rules for mortgage loans, these rules can only apply to the financial lease of real estate.
- No, in addition to the general rules for mortgage loans, these rules can only apply to financing for construction works that are not secured by a mortgage.
Municipal Councils are responsible for the issuance of permits for construction, construction works, and also for housing or utilization purposes of residential units or urban buildings. This process must be requested:
Municipal Councils are responsible for the issuance of permits for construction, construction works, and also for housing or utilization purposes of residential units or urban buildings. This process must be requested:
When acquiring real estate and registering it in the land registry, you should provide the client with guidance to help them obtain important information about the property. How can they find out if the property is free from pre-emptive rights, such as heirs or tenants?
When acquiring real estate and registering it in the land registry, you should provide the client with guidance to help them obtain important information about the property. How can they find out if the property is free from pre-emptive rights, such as heirs or tenants?
Which option correctly completes the following sentence? In the execution process:
Which option correctly completes the following sentence? In the execution process:
Regarding amortization systems for loans under the general mortgage loan scheme, which option is true?
Regarding amortization systems for loans under the general mortgage loan scheme, which option is true?
Consider a situation where a mortgage loan application has been submitted to a financial institution for the purchase of a house that requires renovation, with a one-year grace period. What is the appropriate procedure?
Consider a situation where a mortgage loan application has been submitted to a financial institution for the purchase of a house that requires renovation, with a one-year grace period. What is the appropriate procedure?
Which option indicates a type of loan that is not included in consumer lending?
Which option indicates a type of loan that is not included in consumer lending?
Which of the following statements describes a characteristic of real estate leasing?
Which of the following statements describes a characteristic of real estate leasing?
When a line of credit with a mortgage guarantee is involved, the lender:
When a line of credit with a mortgage guarantee is involved, the lender:
If a customer does not agree with the value of the appraisal for a property that will be mortgaged as security for a mortgage loan, can they request a second appraisal?
If a customer does not agree with the value of the appraisal for a property that will be mortgaged as security for a mortgage loan, can they request a second appraisal?
Which option correctly completes the following sentence? In mortgage lending, the lender cannot charge any commission for the analysis of a loan renegotiation:
Which option correctly completes the following sentence? In mortgage lending, the lender cannot charge any commission for the analysis of a loan renegotiation:
How long does a financial institution have to analyze a customer's proposal for renegotiating a loan whose contract was integrated under PERSI?
How long does a financial institution have to analyze a customer's proposal for renegotiating a loan whose contract was integrated under PERSI?
Which elements are crucial in verifying the income and expenses of the household and a factor to consider when evaluating the solvency of the applicants and calculating their debt-to-income ratio?
Which elements are crucial in verifying the income and expenses of the household and a factor to consider when evaluating the solvency of the applicants and calculating their debt-to-income ratio?
If a potential homebuyer wants to verify that the homeowner is who they claim to be, they should consult:
If a potential homebuyer wants to verify that the homeowner is who they claim to be, they should consult:
Under current legislation, financial institutions can only charge, on the grounds of non-compliance:
Under current legislation, financial institutions can only charge, on the grounds of non-compliance:
In cases where a consumer takes out a loan in a foreign currency and does not choose any financial instrument to hedge currency risk, the lender must notify the borrower of a loan in a foreign currency periodically:
In cases where a consumer takes out a loan in a foreign currency and does not choose any financial instrument to hedge currency risk, the lender must notify the borrower of a loan in a foreign currency periodically:
Regarding amortization systems for loans under the general mortgage loan scheme, which option is true?
Regarding amortization systems for loans under the general mortgage loan scheme, which option is true?
To pay for the insurance associated with the loan, the financial institution debited the borrower's bank account, leaving the balance negative. However, there was no overdraft facility associated with the account. To recover this amount, the financial institution may pursue:
To pay for the insurance associated with the loan, the financial institution debited the borrower's bank account, leaving the balance negative. However, there was no overdraft facility associated with the account. To recover this amount, the financial institution may pursue:
Which option correctly completes the following sentence? The annual effective global interest rate (TAEG) for consumer loan agreements is subject to maximum limits, which:
Which option correctly completes the following sentence? The annual effective global interest rate (TAEG) for consumer loan agreements is subject to maximum limits, which:
Identify a type of contract that is excluded from the scope of mortgage loans.
Identify a type of contract that is excluded from the scope of mortgage loans.
What type of repayment does the following statement refer to? During the initial period, the customer does not amortize the principal and only pays interest.
What type of repayment does the following statement refer to? During the initial period, the customer does not amortize the principal and only pays interest.
If it is concluded that a bank customer is indeed at risk of default, the financial institution should:
If it is concluded that a bank customer is indeed at risk of default, the financial institution should:
Regarding an installment loan for the purchase of land to build a permanent home, which statement is true?
Regarding an installment loan for the purchase of land to build a permanent home, which statement is true?
Flashcards
Property registration number
Property registration number
A unique identifier for a building or property in the Property Register.
Variable interest rate
Variable interest rate
Interest rates that change over time, usually based on an index.
Fixed interest rate
Fixed interest rate
Interest rates that remain constant throughout the loan term.
Swap rate
Swap rate
A benchmark rate for loans, especially for fixed-rate loans.
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Loan agreement (not home loan)
Loan agreement (not home loan)
A loan secured by a mortgage on a property, but not subject to home loan rules.
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Municipal Council licensing
Municipal Council licensing
Licensing of construction works, residential units by local authorities.
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Pre-emptive rights
Pre-emptive rights
Legal rights of others to purchase a property before you.
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Loan Amortization
Loan Amortization
Method of paying off a loan.
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Mixed loan payment system
Mixed loan payment system
Loan payments that start low and progressively increase till reaching a constant level.
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Loan grace period
Loan grace period
A time period, typically during a new loan, with lessened payments or requirements.
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Loan solvency assessment
Loan solvency assessment
Evaluating a borrower's ability to repay a loan, considering obligations.
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Enforcement process
Enforcement process
Procedures to recover debt in case of non-payment.
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IFB - Incorrect Answers
- Property Registration: To determine if a property or autonomous fraction is registered on the Property Register or if its registration has been requested by the owner, information is needed from the Property Registry.
- Interest Rates (Loans): Fixed interest rate loans sometimes use swap rates as a reference point with a spread added by the institution.
- Mortgage Loans: Loans secured by a mortgage on real estate are subject to housing loan rules, even if not a standard housing loan.
- Municipal Licensing: Municipalities handle licensing for construction, renovation, and residential use of properties. Licensing can be done for individual units or the entire property collectively.
- Loan Execution: Legal enforcement (execution) of a loan involves the seizing of the debtor's assets by court order.
- Loan Amortization: Mixed payment systems in housing loans involve increasing payments initially, then stabilizing at a fixed amount.
- Loan Application (Construction Needs): When applying for a loan with a one-year grace period for construction, the financial institution assesses the borrower's capacity to repay the loan after the grace period, not just during it.
- Real Estate Acquisition and Registration: Property buyers need to ascertain freedom from rights of preference such as inheritance or leases during the acquisition phase in relation to property records.
- Loan Processes: In the execution process, the debtors' assets are seized by the court.
- Loan Amortization Systems: Mixed payment systems are an option where the loan payment increases gradually before becoming fixed.
- General Housing Lending: If a loan isn't specifically a housing loan but is secured by property, it falls under housing loan rules.
- Taxation and Loans: The payment of property taxes related to the loan isn't affected in the event that there is a delay of payment or other similar condition to the payment of the loan.
- Interest on Loans: Interest rates should not be changed without prior consent.
- Renovation Expenses: When renovating an existing property in relation to a mortgage application, the borrower should meet requirements related to the creditworthiness of the borrower.
- Consumer Credit: Certain types of loans, like those for homes not for residential purposes, are excluded from consumer credit classifications. Information on the details of the loans, especially in relation to the repayment and security arrangements, should be carefully reviewed.
- Lease Financing (Real Estate): Leases relating to real estate properties are characterized by variable rent with flexible terms negotiated by the parties.
- Real Estate Loans: With real estate loans, the duration of the agreement is not limited and rent terms can be agreed upon by both parties.
- Loan Repayment: When a loan is repaid before its scheduled maturity, there are no fees associated with an early repayment.
- Loan Repayment: There are no fixed fees associated with paying off or repaying a loan early.
- Loan Default: If a contract for a consumer loan is in default, the appropriate steps should be taken in accordance with the procedures in place (as per the financial institution).
- Legal Proceedings: Legal procedures regarding debts related to a home loan should always be followed closely.
- Tax Information (Loans): The applicant's most recent tax records (IRS information), in conjunction with other income/expense documentation, are crucial to determine the borrower's solvency (creditworthiness).
- Interest on Loans: Changes in interest rates, especially if the loan is tied to a foreign currency, if not clearly outlined with a provision for monitoring, should be observed closely.
- Loan Terms: When a loan has a grace period, the financial institution evaluates the borrower's ability to repay after the grace period, not just during it.
- Housing Loan Processes: Processes for securing a housing loan should be understood, including how to obtain clarification and validate information about the property and the required documents.
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