Real Estate Regulations and Mortgage Basics
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Questions and Answers

To find out if a building or autonomous fraction has a registered matriculation number in the Property Register or if its registration has been requested by the owner, what information do we need?

  • Land Registry
  • Finance Department (correct)
  • Municipal Council
  • Portal Citius

    • Which of the following statements about interest rates on loans is true?

  • In loans contracted at a fixed interest rate, it must always remain for the entire term of the loan.
  • In loans contracted at a variable interest rate, it must be reviewed every 6 months.
  • In loans contracted at a variable interest rate, it is always indexed to Euribor at 6 or 12 months.
  • In loans contracted at a fixed interest rate, sometimes credit institutions take Swap rates as a reference, adding a spread to it. (correct)

    • Credit agreements that, while not corresponding to a mortgage, are secured by a mortgage on property, are subject to the rules of mortgage credit.

    True

    Municipal Councils are responsible for licensing for construction, works and also for housing or utilising housing units or urban buildings. This process should be requested:

    <p>Separately for one unit, but can be requested together for all of the units that make up the same building.</p> Signup and view all the answers

    When buying a property, where do you find information about the property being free of rights of preference, such as heirs or tenants?

    <p>Finance Department</p> Signup and view all the answers

    In the process of execution, which of the following statements is correct?

    <p>The debtor's assets are seized by order of the Court.</p> Signup and view all the answers

    Which of the following statements about mortgage loan amortization systems is true?

    <p>In the mixed payment system, the amount of the payment increases progressively until it becomes constant.</p> Signup and view all the answers

    A loan application for a mortgage to buy a house, that needs works, was submitted to the financial institution with a one-year grace period. What is the appropriate procedure?

    <p>When assessing solvency, the institution should consider the consumer's ability to meet the obligations arising from the credit agreement after the grace period ends.</p> Signup and view all the answers

    Which of the following types of credit is not included in consumer credit?

    <p>Mortgage loan contracted with individual clients, outside the scope of commercial or business activity, secured by a mortgage.</p> Signup and view all the answers

    Which of the following statements is one of the characteristics of real estate leasing?

    <p>Rent frequency is agreed between the parties, being monthly payments the most common.</p> Signup and view all the answers

    When it comes to a line of credit secured by a mortgage, the lender:

    <p>Cannot charge any fee for early repayment of the loan.</p> Signup and view all the answers

    If a customer does not agree with the value of the real estate appraisal that will be mortgaged as collateral for a mortgage loan, can they request a second appraisal?

    <p>Yes, and in this case the customer pays for the appraisal.</p> Signup and view all the answers

    In mortgage lending, what is the lender prohibited from charging, with regard to the analysis of renegotiation of loan conditions?

    <p>A fee when aimed at changing the loan's term.</p> Signup and view all the answers

    How long does a financial institution have to analyze a client's loan renegotiation proposal, if the contract is incorporated into PERSI?

    <p>15 consecutive days</p> Signup and view all the answers

    Essential elements for proving the income and expenses of the household, and a factor to consider in assessing the solvency of the applicants and calculating their debt burden, are:

    <p>Their latest income tax return, accompanied by the income statement that applies to them.</p> Signup and view all the answers

    A potential buyer of real estate who wants to know if the owner is indeed who they claim to be, should go to:

    <p>Land Registry</p> Signup and view all the answers

    According to the current legislation, only credit institutions can charge a fee, based on non-compliance, for:

    <p>A single fee for recovering debts.</p> Signup and view all the answers

    When a consumer borrows money in a foreign currency and does not choose any financial instrument for hedging currency risk, the lender should periodically notify the borrower, in a foreign currency, about:

    <p>When the variation of the total amount due or the amount of the payments exceeds by more than 20% the variation that would result from applying the exchange rate between the currency of the loan and the national currency at the time the loan agreement was signed.</p> Signup and view all the answers

    Loan agreements that, although not being mortgage loans, are secured by a mortgage over real estate are subject to the rules of mortgage credit.

    <p>True</p> Signup and view all the answers

    Which payment system involves the borrower paying increasing installments that eventually settle into a fixed amount?

    <p>The mixed payment system involves progressively higher payments until the amount becomes constant.</p> Signup and view all the answers

    For the payment of the insurance associated with the loan, the financial entity debited the borrower's bank account, resulting in a negative balance, without any overdraft facility associated with the account. To recover this amount, the financial entity can file:

    <p>Declaratory action for condemnation.</p> Signup and view all the answers

    The Annual Effective Global Rate (AEGR) is subject to maximum limits applicable to consumer loan contracts. These limits are:

    <p>Calculated and disclosed quarterly by the Bank of Portugal.</p> Signup and view all the answers

    Which type of agreement is excluded from mortgage lending?

    <p>Loan for financing works that are not secured by a mortgage or by another right over real estate.</p> Signup and view all the answers

    Which type of repayment refers to the following statement: "During an initial period, the borrower does not amortize principal and only pays interest."

    <p>Grace period for capital.</p> Signup and view all the answers

    If it is concluded that there is a risk that the borrower may default on a loan, the credit institution should:

    <p>Assess the borrower's financial capacity, requesting the information and documents that are strictly necessary and suitable for this purpose.</p> Signup and view all the answers

    When it comes to a line of credit secured by a mortgage, the lender:

    <p>Cannot charge any fee for early repayment of the loan.</p> Signup and view all the answers

    A borrower can enter into a loan agreement with a credit institution that includes an initial period where there is no amortization of capital, but only interest payments. This repayment methodology is called:

    <p>Capital grace period</p> Signup and view all the answers

    The Central Credit Register contains information on the actual and potential credit liabilities taken on solely by individual clients.

    <p>False</p> Signup and view all the answers

    The formula: Co = Cn (1 + i) directly calculates:

    <p>The present value with compound interest.</p> Signup and view all the answers

    Which of the following statements about a guarantee is correct?

    <p>It is a guarantee of payment provided by a third party, given in a credit document.</p> Signup and view all the answers

    Under what conditions can a customer make an extraordinary and early principal repayment, or in other words, an early partial repayment?

    <p>They can do so at any time during the term of the contract, as long as the repayment is aligned with the payment date of the installment.</p> Signup and view all the answers

    What are the consequences for the financial institution or employee if some of the obligations under the general regime for preventing and resolving loan defaults are not fulfilled?

    <p>Fine of €1,000 to €500,000, if it is an individual, and additional penalties may be imposed.</p> Signup and view all the answers

    Key elements for proving the income and expenses of the household, and a factor to consider in assessing the solvency of the applicants and calculating their debt burden, are:

    <p>Their latest income tax return, accompanied by the income statement that applies to them.</p> Signup and view all the answers

    If a customer, who had previously informed the lending institution that they had become unemployed, defaults on their loan, the bank will need to:

    <p>Immediately enroll the contract in PERSI.</p> Signup and view all the answers

    In bridge loans for the purchase of land for the construction of permanent housing, which statement is true?

    <p>The maximum amount of financing is defined by the institution.</p> Signup and view all the answers

    Study Notes

    IFB - Incorrect Answers

    • Predial Register Inquiry: To determine if a building or autonomous fraction is registered in the Predial Register or has a registration request, inquire with the Land Registry.
    • Interest Rate Types: Variable interest rates are reviewed every 6 months. Fixed interest rates sometimes use Swap rates plus a spread.
    • Mortgage-Backed Loans: Loans secured by a mortgage on a property, but not for a house, adhere to mortgage loan rules.
    • Municipal Licensing: Separate applications for individual units or all units in a property, but in exceptional cases, it can be for one unit.
    • Real Estate Transactions Inquiry: Inquire with the Land Registry for information on rights of pre-emption (like heirs or tenants).

    Additional Topics

    • Mortgage-backed Credit Process: In an enforcement process, the court orders the seizure of the debtor's assets.
    • Amortization Systems: Mixed amortization plans have rising payments until a constant level, whereas constant payments have stable principal payments throughout the loan period.
    • Loan Assessment for Construction Loans: Loan assessment should be based on the borrower's ability to repay after the grace period.
    • Financial Credit Options: Options like home loans, personal loans, and vehicle financing are excluded from being consumer loan options.
    • Imobiliário Leasing: Lease payments are agreed upon by the parties, and monthly payments are common.
    • Renegotiation Timeframe: A financial institution usually has 15 days to review a loan renegotiation offer.

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    IFB - Exam Questions (PDF)

    Description

    This quiz covers essential topics related to real estate regulations, mortgage-backed loans, and licensing procedures. Test your knowledge on how to navigate the predial register, interest rates, and mortgage credit processes. Ideal for those studying real estate law or finance.

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