Exm de VET PDF

Examen de VET 1. What is real estate? Real estate refers to property, specifically houses and the land on which they are built. 2. What are the characteristics of real estate? ○ Real estate has a fixed location. ○ Real estate cannot be separated from the land. ○ Real esta...

Examen de VET 1. What is real estate? Real estate refers to property, specifically houses and the land on which they are built. 2. What are the characteristics of real estate? ○ Real estate has a fixed location. ○ Real estate cannot be separated from the land. ○ Real estate cannot be moved. 3. What is a real estate agency? A real estate agency is a business that arranges the selling, renting, or management of homes, land, and buildings for their owners. 4. Give 3 examples of real estate agencies. angel¬Volkers, Idealista, fotocasa 5. What is a realtor (=real estate agent)? A realtor is a professional who represents buyers and sellers in real estate transactions. They work for a commission or fixed quantity. 6. What is an API? In Spain, an API is a real estate agent who has special training and certification. 7. What are the characteristics of an API? ○ They are experts in giving advice about selling, renting, or exchanging real estate. ○ They must follow an ethical code. ○ They act responsibly, considering the protection of customers' rights. 8. What is the difference between an API and a commercial agent who works in a real estate agency? ○ An API has specialized training and certification, while a commercial agent may not. ○ A commercial agent is an independent professional who signs a contract with a real estate agency. ○ The responsibility for transactions lies with the agency, not the commercial agent. 9. List people involved in renting: ○ Lessor (the landlord). ○ Lessee (the tenant). ○ Real estate agent (optional). 10. List people involved in selling and buying a house: ○ Owner. ○ Buyer. ○ Real estate agent or commercial agent. ○ Notary. 11. What is the role of the realtor? ○ To represent buyers and sellers in transactions. ○ To advise clients. ○ To capture house owners to build a portfolio of properties for sale. 12. Describe the process of real estate selling: ○ For second-hand properties: 1. The owner lists the property. 2. The realtor connects with potential buyers. 3. The buyer and seller agree on a price. 4. The sale is finalized with the signature of a deed at the notary. ○ For first-hand properties: 1. The developer buys land. 2. The developer or builder constructs the property. 3. Other professionals, like architects and painters, participate. 4. The developer contracts a real estate agency to sell the property. 13. List people involved in the real estate sector: ○ Banks. ○ Real estate agents. ○ Customers (buyers and renters). ○ Developers. ○ Notaries and lawyers. ○ Owners. 14. Why is there not a big demand for houses nowadays? ○ Low birth rates (less demand for houses). ○ Youth unemployment (young people stay with their parents). ○ People anticipate future house price decreases. ○ Banks are reluctant to lend money. 15. What are the advantages of renting a house? ○ Less expensive than buying. ○ Maintenance is the landlord's responsibility. ○ Relocating is less complicated. 16. What are the disadvantages of renting a house? ○ No equity (the money spent on rent does not build ownership). ○ No tax deduction. ○ Limited customization (e.g., cannot remodel or make significant changes). ○ Subject to landlord's rules (e.g., no pets). 17. What are the advantages of buying a house? ○ Equity growth (it's an investment and a form of saving). ○ Tax deductions on interest payments. ○ Freedom to customize and remodel without restrictions. 18. What are the disadvantages of buying a house? ○ Limited mobility. ○ Long-term financial responsibility. ○ Requires significant cash upfront for payment and closing costs. ○ Maintenance costs are the owner's responsibility. 19. What is a ‘rent to own agreement’? A rent-to-own agreement is a contract that allows a tenant to rent a property for a period of time with the option to buy it later, discounting the rent already paid from the purchase price. 20. What are the ways to commercialise real estate? ○ Sales by phone. ○ Online sales. ○ Face-to-face sales. 21. Why is ‘face-to-face’ sale so important in real estate? ○ It is key to closing the sale. ○ The visit to the property allows the seller to highlight its advantages. ○ Personal interaction builds trust and credibility. 22. What is ‘home staging’? Home staging is a marketing technique that involves remodeling or redecorating a house to make it more attractive for potential buyers. 23. What is the ‘sheet of visit’? The sheet of visit is a document proving that a customer has visited a property. It is not a contract and includes the date, time, property details, customer information, and agency details. 24. What are the factors that have influence on the decision of buying a house? ○ Characteristics of the house (e.g., number of rooms, furnished or not). ○ Price and payment options. ○ Location. ○ Additional services (e.g., parking, condo amenities). ○ Neighborhood.  25. List three examples of traditional promotion for real estate: ○ Flyers, leaflets, and catalogues. ○ Billboards. ○ Magazines and newspapers. 26. List three examples of digital promotion for real estate: ○ Webs. ○ Social networks. ○ Newsletters. 27. What is SEM? SEM (Search Engine Marketing) is a marketing tool focused on paid publicity through advertisements to increase web visibility. 28. What is SEO? SEO (Search Engine Optimization) is a marketing tool that increases web visibility through natural search results (based on the number of clicks). 29. What are the characteristics of a good advertising message? ○ Credible/believable. ○ Persuasive/convincing to stimulate demand. ○ Clear and concise. ○ Creative and innovative. 30. What is the ‘portfolio’ of a real estate agency? The portfolio is the collection of properties (houses, flats, etc.) that an agency offers for rent or sale. 31. List three filters on real estate webs: ○ Type of real estate (e.g., flats, houses, offices). ○ Rent or buy. ○ Location (e.g., residential, suburbs, city, countryside). Aquí tienes las respuestas basadas exclusivamente en el contenido de la presentación: 32. Types of real estate: ○ Apartment/Flat. ○ Studio. ○ Penthouse. ○ Terraced house. ○ Semi-detached house. ○ Detached house. ○ Cottage. ○ Bungalow. ○ Palace. ○ Wood house, mobile house, houseboat, farm, ranch, etc. 33. What is free housing? Free housing refers to properties whose prices are determined by market supply and demand, without government subsidies or restrictions. 34. What is a VPO house? A VPO (Vivienda de Protección Oficial) house is a government-subsidized house sold at lower prices than the market value, with specific characteristics and restrictions. 35. Requirements to get a VPO house: ○ The owner's income must not exceed a certain level. ○ The buyer must not have previously owned a VPO house. ○ The house must be used as the main residence. ○ The house cannot be sold or rented before 10 years. 36. What is a housing cooperative? A housing cooperative is a group of people who collectively build their houses to save costs by avoiding intermediaries like developers and agencies. 37. Documents needed in the process of buying/selling a house: ○ Intermediate agreement (contract between owner and real estate agent). ○ Reservation agreement (pre-agreement with deposit). ○ Deed (signed at the notary). ○ Other documents like the "nota simple," IBI tax, and energy efficiency certificate. 38. What is an ‘intermediate agreement’? It is a contract between the owner and the real estate agent to fix commissions, exclusivity, duration, and the rights and duties of each party. 39. What is a pre-agreement with deposit? It is a contract where the customer pays a deposit to reserve the property for future purchase. If the sale is canceled, the deposit is returned to the customer. 40. Documents needed in the notary: ○ "Nota simple" to ensure the house has no debts. ○ IBI tax receipt. ○ Energy efficiency certificate. 41. What is a deed? A deed is the official public document signed by a notary that certifies the validity of the transaction. 42. List expenses in the process of buying/selling a house: ○ Valuation expenses (to determine the real value of the property). ○ Notary expenses (depending on the complexity of the transaction). ○ Consultancy expenses (e.g., lawyers). 43. What is a ‘valuation’ document? It is a document required by banks to determine the real value of the house, especially when granting a mortgage. 44. Which taxes has to pay the buyer in the process of buying/selling a house? ○ Value-Added Tax (VAT/IVA) for first-hand houses (10% or 4% for VPO). ○ Transfer tax ("impuesto de transmisiones patrimoniales") for second-hand houses. ○ Mortgage tax ("impuesto de actos jurídicos documentados") if applicable. ○ Annual property tax (IBI). 45. Which taxes has to pay the seller in the process of buying/selling a house? ○ "Plusvalía," a tax collected by the town hall on the profit made from selling the property. 46. Which is the condition for tax deduction? Tax deduction applies only to the purchase of the buyer's first house, depending on the rules of the autonomous community. 47. What are the conditions for governmental grants for renting? ○ Be 65 years old or older. ○ Be in a situation of divorce. ○ Be affected by unemployment. ○ Be part of a low-income family. 48. What is a mortgage? A mortgage is a specific type of loan granted by banks to buy a house. 49. What are real guarantees? Real guarantees mean that in case of non-payment, the house itself serves as the collateral for the loan. 50. What are personal guarantees? Personal guarantees mean that in case of non-payment, other personal assets (e.g., savings, other properties) may also be used to repay the loan. 51. What is a guarantor? A guarantor is a person who agrees to take responsibility for the loan if the borrower fails to pay.