Real Estate Owned Quiz

10 Questions | By CoreLogic1 | Updated: Mar 21, 2022 | Attempts: 37

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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
Correct Answer
B. B) Real estate owned
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
Correct Answer
C. C) The bank purchased the property at a foreclosure auction
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
Correct Answer
E. E) All 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
Correct Answer
D. D) Broker price opinion
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
Correct Answer
E. E) All 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
Correct Answer
D. D) All 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
Correct Answer
A. A) Listing agent
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
Correct Answer
E. E) All 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
Correct Answer
E. E) All 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
Correct Answer
E. E) a, b, d

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Current Version
Mar 21, 2022

Quiz Edited by
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Oct 05, 2010

Quiz Created by
CoreLogic1

Real Estate Owned Quiz

1. What does REO stand for?

2. What actual step creates an REO referral to CoreLogic?

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?

4) What is a BPO in the REO industry?

5) Which of these are typical initial services are ordered during the prelist process?

6) What documents or services are used to determine the value of a home?

7) Who is directly responsible for placing the listing on the market in the local MLS?

8) Who does the listing agent work with to submit offers on REOS?

9) What documents are needed for a successful REO closing?

10) How do REO midsourcers (such as CoreLogic REO Services), make money for their work?