REO Property & Short Sales: Definition & Procedure

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Who needs to reach an agreement on the purchase price at a short sale transaction?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. What does REO stand for?

2. What do you call the outstanding balance owed on a loan after the property has been sold at a short sale?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

Be sure to use this quiz and interactive worksheet to gauge your knowledge of what REO stands for and how banks typically end up with REO property.

Quiz & Worksheet Goals

Using these helpful assets, you can check your knowledge of the following topics:

  • Individual(s) who need(s) to reach an agreement on the purchase price at a short sale transaction
  • The outstanding balance that's owed after a short sale has been completed on a property
  • What REO stands for
  • Factors to consider after finishing a short sale on a property

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on REO property and short sales
  • Information recall - access the knowledge you have gained about the meaning of REO
  • Knowledge application - use your knowledge to answer questions about what happens after making a short sale on a piece of property

Additional Learning

Discover more information about REO property and short sales by reviewing the lesson called REO Property & Short Sales: Definition & Procedure. This interactive lesson can help you:

  • Define short sale
  • Review short sale eligibility
  • Understand who owns an REO property
  • Examine how REO property is purchased
Support