REO Property & Short Sales: Definition & Procedure


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

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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?

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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