Quiz Test Your Knowledge of Global Real Estate 1. According to the Foreign Investment in Real Property Tax Act (FIRPTA), what percentage of the sale price must the buyer (or withholding agent) withhold and forward to the IRS within 20 days after the transaction closing of a U.S. property when purchased from a foreign seller? a. 5% b. 10% c. 15% d. 20% 2. For many Chinese, Japanese and Korean buyers, feng-shui will impact real estate decisions. If your clients practice feng-shui, which of these should you avoid? a. Homes with glass front doors b. Front doors that are aligned with back doors c. Clutter in any form d. Sharp corners e. None of the above f. All of the above 3. Which of these countries is the ONLY one that uses the metric system of measurement? a. Canada b. United States c. Liberia d. Burma/Myanmar 4, When you are entertaining Indian guests, which hand should you eat with? (The other is viewed as unclean.)
a. b. c. d.
Right hand Left hand You can eat with either hand; neither is viewed as unclean. You should never eat with your hands
5. True or False: A “notario” in South America is the same as a “notary” in the United States. 6. When working with Japanese clients, “We’ll consider it” often means a. Yes b. No 7. In many countries, foreigners are not allowed to own land, while other countries have restrictions. Which of the following statements is true? a. In Thailand, foreigners cannot own land or single-family homes, but can purchase condos in buildings that have 49 percent or less foreign ownership. b. Bulgaria and Poland allow foreigners to buy condos, but they cannot own the land under the condo. c. In Denmark, you must live in the country for five years before you can purchase property. d. All of the above
purple, as these colors are associated with funerals.
9. What is “gazumping”? a. A form of greeting in African countries b. When a seller accepts a higher offer from another buyer after accepting an oral offer from the first potential buyer c. When an unlicensed real estate agent sells a house that was initially listed with a licensed agent d. None of the above. That’s not a word. 10. True or False: In many Asian cultures, numerology can influence real estate business decisions. Numbers are considered lucky and unlucky. An address such as “44 Main Street” is considered inauspicious as the number 4 signifies death. However, an address of “88 Main Street” would be highly desirable, as the number 8 signifies growth and prosperity.
Answers
1. 10% 2. All of the above 3. Canada 4. Right hand 5. False 6. No 7. All of the above 8. True 9. B 10. True
8. True or False: When giving gifts to Brazilians, avoid gifts that are black or
GCAAR Cares Spotlight GCAAR REALTORS® Giving Back to the Community Eliminating Hunger with KINDness Montgomery County native, Jeremy Lichtenstein, has been a real estate agent for over 25 years, and is currently working as an individual agent with RE/MAX in Bethesda, MD. Jeremy has always been passionate about eliminating hunger, and regularly donated to organizations focused on relieving hunger, before he decided to start his own nonprofit, KIND (Kids In Need Distributors). KIND is dedicated to providing the basic needs of children, when they need them most. “Most Montgomery County residents are unaware that 44,000 Montgomery County students are part of the Free and Reduced Meal Program in school. . . our vision is to create a nourishing environment for all of Montgomery County’s children.” Jeremy Lichtenstein. KIND is currently feeding hundreds of children in eight different elementary schools. Every weekend, children are sent home with nutritious foods and essential hygiene items that would not otherwise be available to them. For more information about partnering with, sponsoring, or donating to KIND, contact Jeremy Lichtenstein at 301.347.4121 or jeremylichtenstein@mris.com.
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Jeremy unloads food for distribution
2013 January - February
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