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Hardly. Most of the Spanish phrases are at times very hard to make out, and with a lot of grammar and pronunciation mistakes. Actually, is barely understandable for an average Latin American person.
The segment about the rich and powerful Elliot, is supposed to take place in Colombia, but since the beginning, we hear traditional Spanish music in the background, not Colombian. Beginning with the butler, almost everyone speaks with a clear Spanish accent and slang, and certain elements belong to the Spanish culture, like the "Bota", the traditional leather bag in the shape of a boot, used to drink alcoholic beverages, more commonly at bullfights that Brendan Fraser drinks from.
Although director Harold Ramis brags about this segment of the movie in the DVD commentary, the actors make a lot of mistakes (see the goofs section for some of them).
Most likely the producers wanted to hire a Spanish translator, and they got one, although he was Spanish (from Spain), and not necessarily experienced in the Colombian spoken Spanish (language). They should have hired a Colombian translator instead.
For those who think that the Spanish accent is nitpicking, imagine if they had done a cowboy scene in old Texas and all the characters spoke with an obvious British accent and lingo: "Are you privy to the owner of that car in the roundabout? If my solicitor were not in the loo, I'd have a word with him before popping out for a pint." Edit