Real Estate Owned Quiz

10 Questions | Total Attempts: 35

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Real Estate Quizzes & Trivia

REO


Questions and Answers
  • 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

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