Home Buying Expert | Pre-test

1. An owner cannot legally occupy his/her apartment unless the ________certificate has been obtained by the developer

Commencement

Completion

Occupancy

2. What is a commencement certificate?

It is an official document issued by the local authorities to allow or permit the builder to begin construction.

It is an official document issued by central government to allow the permit the contractor to sanction the project

It is the document required by the owner of the house to renovate it.

The document required by the local authority to permit the occupancy by the owner

3. As the project construction advances, why does it become more and more unlikely that the developer will back out?

They worry about the customers to whom apartments have already been sold

Developer has made a huge financial investment in the project already, so commitment levels are higher.

The local authorities will not legally allow the developer to stop a project once excavation is done

The developer will not be able to use the land for any another purpose if the current project is abandoned

4. What is 20:80 Subvention scheme with Pre EMI Holiday

5. Mr Iyer, likes an apartment which has a carpet area of 1000sq ft and Salable area of 1500Sq ft., what is the loading percentage?

50%

33%

25%

35%

6. What is the meaning of Pre-EMI?

Interest due on the loan amount disbursed by a bank as per the project’s payment plan

50% of the EMI for an under construction building

Interest due on full loan amount pre-paid during construction

25% of the EMI for an under construction building

7. What is Loading?

Difference between Built up area and the carpet area

Difference between Carpet Area and Super Built up Area

Difference between Built Up are and Super Built up area

None of the above

8. What are the key points to pitch to a customer in case of a Pre-Launch Project?

Choice of inventory and scope of appreciation

Brand new, clean apartment when the building is ready

Low price point

Quick pace of construction

Submit

9. If a property has a club house, it is never considered as a part of the open space area.

True

False

10. What is a Time tied payment plan?

Daily payments – Not tied to Construction progress

Quarterly or monthly payments – Not tied to Construction progress

Periodic payments (monthly, quarterly, etc….) linked with construction progress

Customer is requested to make payments based on construction on or before a specified time

11. What is an allotment letter?

This letter is given to the customer at the time of loan but before the Agreement is made.

This letter is given to the customer at the time of possession but before the Agreement is made.

This letter is given to the customer at the time of booking but after the Agreement is made.

12. Mrs. Lakhani is very particular about Vastu in the home she wants to purchase, when she looks at the apartment layout, while exiting the house she is facing south. Is the entrance Vastu compliant?

Yes

No

13. Agreement of sale is ____

Legal document which lists all terms and conditions pertaining to the purchase of undivided share (UDS) of land.

14. _______ is the most expensive part of construction? Select all that apply

Excavation

Foundation Work

Floor Slabs

Tiling and Painting

Submit

15. Which of these payment plans do customer prefer and why?

Time tied because they can plan their expenses accordingly

Construction tied because it ensures that the payments due are in line with construction progress

Time tied because the schedule is set and the developer has very little room to deviate from schedule

Construction tied because the customer can be assured that the payments are directly used for further construction of the project

16. If the developer asks only for 10% down payment, the bank gives 80% loan, the bank pays Pre-EMI interest and the rest 10% is due from the customer at possession, it is called 10:80:10 subvention scheme with Pre-EMI holiday

True

False

17. Which are the applicable when a property has a clear title?

The land is legally owned by the developer and/or its partners

It is not disputed- No other party has any claim on the proposed land.

Developer has rights to use the land for residential construction purposes.

Builder has commencement certificates.

Submit

18. If a plot has an FSI of "5" and there are no height restrictions in the location, the project has open space of 75%, what can be the maximum height of the building?