Real Estate Owned Quiz
REO
- 1.1. What does REO stand for?
- A.
A) Real estate old
- B.
B) Real estate owned
- C.
C) Real estate owed
- D.
D) Recovery earnings owed
- E.
E) All of the above
- F.
F) None of the above
- 2.2. What actual step creates an REO referral to CoreLogic?
- A.
A) A mortgager gets behind on his payment and the bank takes the property back
- B.
B) The occupant of the property was formally evicted
- C.
C) The bank purchased the property at a foreclosure auction
- D.
D) All of the above
- E.
E) None of the above
- 3.3) Who potentially loses money when an REO is taken by the bank and sells it for less than what was owed on the note?
- A.
A) The servicer
- B.
B) The lender
- C.
C) The investor
- D.
D) The borrower
- E.
E) All of the above
- F.
F) None of the above
- 4.4) What is a BPO in the REO industry?
- A.
A) Bulk price option
- B.
B)Back-office pricing option
- C.
C) Built-in property options
- D.
D) Broker price opinion
- E.
E) All of the above
- F.
F) None of the above
- 5.5) Which of these are typical initial services are ordered during the prelist process?
- A.
A) Lawn maintenance
- B.
B) Snow removal
- C.
C) Removal of existing debris (trash-out)
- D.
D) Rekey of the premises
- E.
E) All of the above
- F.
F) None of the above
- 6.6) What documents or services are used to determine the value of a home?
- A.
A) Automated valuation model
- B.
B) Broker price opinion
- C.
C) Appraisals
- D.
D) All of the above
- E.
E) None of the above
- 7.7) Who is directly responsible for placing the listing on the market in the local MLS?
- A.
A) Listing agent
- B.
B) Asset manager
- C.
C) Portfolio manager
- D.
D) Selling agent
- E.
E) All of the above
- F.
F) None of the above
- 8.8) Who does the listing agent work with to submit offers on REOS?
- A.
A) Selling agent
- B.
B) Buyer's agent
- C.
C) Asset manager
- D.
D) The buyer, if he/she is not represented by an agent
- E.
E) All of the above
- F.
F) None of the above
- 9.9) What documents are needed for a successful REO closing?
- A.
A) Tax payment receipts
- B.
B) HOA estoppels
- C.
C) Clear title
- D.
D) Properly executed seller deed
- E.
E) All of the above
- F.
F) None of the above
- 10.10) How do REO midsourcers (such as CoreLogic REO Services), make money for their work?
- A.
A) Charging the owner or servicer a management fee
- B.
B) Charging the listing agent a referral fee
- C.
C) Charging the owner or servicer a commission
- D.
D) Charging the owner, servicer or listing agent a fee to use our systems
- E.
E) a, b, d
- F.
F) b, c, d
Questions: 10 | Attempts: 6726 | Last updated: Apr 6, 2021
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