Short Sales and Foreclosures
Questions Only
(ANSWERS will be revealed with subscription)
1 When approaching a loan officer for short sale leads, licensees should
A. Discuss their knowledge of marketing short sale properties
B. Let them know who can handle the paperwork
C. Both a and b
D. Neither a or b
2 Candidates for short sales
A. Don’t have to document that they can’t pay their mortgage
B. Must document that they can’t pay their mortgage
C. Should not contact their lender
D. Must have sufficient assets to bring their loan payments current
3 The short sale is
A. A sale in which the property sells for less than the current market value
B. The sale of a one-story house
C. A sale in a short amount of time
D. A sale in which the proceeds are not enough to pay off the property loan and closing costs
4 The principal characteristic of a short sale is
A. When the property sells for less than the current market value
B. When the selling price is less than the amount owed on the property loan plus closing costs
C. A sale in a short amount of time
D. When the loan value exceeds the selling costs
5 When contacting a homeowner that has a Notice of Default filed, a licensee should
A. Be blunt and forceful
B. Be approachable and friendly
C. Let them know they are in a unique situation
D. Ignore what is happening in the local real estate market
6 When using the Internet as a source of information, the licensee should
A. Be wary of illegal information
B. Consider legal opinions as being reliable
C. Avoid real estate-related sites
D. Turn off all cookies
7 When a homeowner is in default the lender will file notice with
A. The Sheriff’s Department
B. The Tax Assessor
C. County Recorder
D. Clerk of the Court
8. Foreclosures
A. Have no effect on property values
B. Affect the local economy
C. Help the general real estate market
D. Don’t affect the general real estate market
9. Which statement about short sale candidates is TRUE?
A. They do not have to document that they can’t pay their mortgage
B. They should have no direct contact with their lender
C. They must document that they can’t pay their mortgage
D. They must bring their loan payments up-to-date
10. When using a Deed of Trust the borrower conveys title to the
A. null
B. Lender
C. Joint Tenant
D. No one
11. The first place that a licensee should begin looking for short sale leads is
A. The County Recorder’s Office
B. The local MLS
C. For sale by owner websites
D. All of the above
12. Many agents avoid dealing with short sales because they feel
A. They are difficult
B. They are not profitable
C. They take too much time
D. All of the above
13. Most homeowners that have problems meeting their loan commitment:
A. Think a short sale is the same as a foreclosure
B. Understand the difference between a short sale and a foreclosure
C. Don’t want an agent’s assistance with a short sale
D. Both a and c
14. The first thing a real estate agent that wants to work with short sales should do is
A. Talk with a loan officer
B. Do a mass mailing letter people know that the real estate agent does short sales
C. Talk with their broker
D. Research title companies
15. When using the Internet as a source of information, the licensee should
A. Be wary of illegal information
B. Consider legal opinions as being reliable
C. Avoid real estate-related sites
D. Turn off all cookies
16. Short sales benefit
A. The seller
B. The lender
C. The real estate agent
D. All of the above
17. When contacting other licensees for short sale referrals, a licensee should
A. Assure them that they can do a better job
B. Explain how complicated the short sale process is
C. Offer a fee referral
D. Both a and c
18 Other documentation that the lender will require includes
A. Last six months’ paycheck stubs.
B. Last four years’ tax returns.
C. A current single bureau credit report.
D. A current 3-bureau credit report.
19. If the short sale listing receives no activity or offers, the agent should
A. Increase the advertising.
B. Adjust the price quickly.
C. Hold weekly Open Houses.
D. Increase the commission offered to cooperating brokers.
20. Short sales have
A. No common elements.
B. Three common elements.
C. Are unique.
D. Several common elements.
21. If more money is owed on the short sale property than it is worth, the seller’s options could include
A. Keeping the property.
B. Selling the property and bringing the deficiency to the close.
C. Executing a Deed in Lieu of Foreclosure.
D. All of the above.
22. Allowing the property to go to foreclosure is
A. The best option for the borrower.
B. Has no effect on the borrower’s credit rating.
C. Not an option if the borrower should consider
D. The borrower’s worst option.
23. An agent should provide a short sale seller information and advice about
A. Legal matters related to the short sale.
B. Tax advice related to the short sale.
C. Both of the answers shown.
D. None of the answers shown.
24. If foreclosure proceedings have started it is important that the agent
A. Keep the information confidential.
B. Execute a Lis Pendens to stop foreclosure.
C. Notify the seller in writing.
D. Walk away from the transaction.
25. If the short sale listing receives no activity or offers, the agent should
A. Increase the advertising.
B. Adjust the price quickly.
C. Hold weekly Open Houses.
D. Increase the commission offered to cooperating brokers.
26. If the homeowner wants to “bring cash to the close”
A. It must be cash only.
B. It can only be a personal note.
C. It can be cash, a personal note, or a note secured by another property the sellers own.
D. It can only be done with the approval of the County Sheriff.
27. If there are other liens on a short-sale property, the agent wants to know
A. If the lienholder has taken any action.
B. How old the liens are.
C. When they were filed.
D. Ignore them, they are not important.
28. An effective example of the sellers’ changed financial circumstances would be
A. A voluntary change from full to part-time employment.
B. Unexpected or unusual medical bills.
C. Over-extended credit card use.
D. Having a job that has seasonal layoffs.
29. When speaking to the person who will be processing the short sale application the agent should ask for
A. The main loan officer
B. The loan underwriter
C. Their name, direct phone number and email address .
D. The criteria for approval of a short sale
30. Whenever contacting the Loss Mitigation Department, the agent should
A. Speak only to the department supervisor.
B. Speak to whoever answers the phone.
C. Speak to the Loss Mitigation assistant.
D. Speak to the person who was originally contacted.
31. When using a “Deed in Lieu of Foreclosure” success is most likely when
A. There is a short foreclosure timeline.
B. The property is not yet in default.
C. There is a long foreclosure timeline.
D. There is equity in the property.
32. When initially contacting the lender, the agent should talk to
A. The Foreclosure Department
B. Loss Mitigation Department.
C. Foreclosure Mitigation Department.
D. None of the above.
33. If there is more than one loan secured by the property
A. The Loss Mitigation Department will contact the other creditors.
B. Junior liens will be wiped by operation of law.
C. The other creditors will contact the agent as soon as the property is listed.
D. The agent will have to contact all the creditors.
34. If the seller has a “Recourse” loan
A. The seller retains personal liability for any deficiency.
B. The lender is limited to the funds available from their security interest.
C. The Seller cannot be forced to repay any shortfall from the sale.
D. The lender can attach the sellers’ other assets, if any.
35. The best way to show that the buyers have the ability to complete the transaction is to
A. Include a pre-approval letter from a nationally recognized lender.
B. Include a pre-qualification letter from a nationally recognized lender.
C. Include a completed loan application from a nationally recognized lender.
D. Request that the lender approve the buyers for the loan.
36. What happens if there are multiple loans on the property?
A. Approval by junior lien holders is a simple process that requires the filing of an IRS Form 4506.
B. Approval by junior lien holders is a difficult process because they are likely to be wiped out by the short sale.
C. Approval by junior lien holders is a simple because they are going to be paid by the holder of the first trust deed.
D. Approval by junior lien holders is a complicated process that includes the seller filing an IRS Form 4506.
37. One critical objective of a short sale marketing plan is
A. To increase the agents exposure.
B. To keep the sellers happy.
C. To create lender confidence.
D. To qualify buyers.
38. The lender requirements of what is submitted in a short sale package
A. Are outlined in the Truth in Lending Act.
B. Are the same with all lenders.
C. Can be different with different lenders.
D. Can change from day-to-day depending on the Loss Mitigation Department’s policies.
39. Once the short sale package is submitted to the lender the agent should
A. Wait for the lender to respond.
B. Check with the lender that they have all the information that they require.
C. Check with the appraiser to see when the property inspection will take place.
D. Don’t call the buyers, sellers, or other agent until the lender has approved or rejected the short sale.
40. The hardship letter written by the homeowners is an important part of the short sale package because
A. It makes the sellers real people.
B. The sale can be accepted or rejected based on the letter.
C. It adds another piece of paper to the file.
D. It protects the agent from any liability.
41. One of the important secondary benefits of a good short sale marketing plan is
A. Increase in the agent’s exposure.
B. Keeping the homeowners happy.
C. Keeping the lender happy.
D. Creating lender confidence.
42. If there are multiple loans on the property, approval by the junior lienholders is
A. A simple process that just requires the filing of an IRS Form 4506.
B. A complicated process that includes the seller filing an IRS Form 4506.
C. A difficult process because generally the junior liens are going to be wiped out by the short sale.
D. A simple process because the junior liens are going to be paid by the holder of the first trust deed.
43. If a very low offer comes in on a short sale property, the agent should recommend to the homeowner
A. To accept it as written.
B. Not to bother presenting it to the lender.
C. Send it directly to the lender showing that the buyers aren’t going to pay the listed price.
D. They re-negotiate the price just like an ordinary sale.
44. The narrative that the agent sends to the lender with the short sale offer
A. Should emphasize the desirability from the seller’s point of view.
B. Should demand that the lender approve the short sale as presented.
C. Should emphasize the desirability from the lender’s point of view.
D. Should be an emotional plea for the lender to approve the offer.
45. The marketing of a short sale property
A. Should be aimed just at investors.
B. Should target first-time home buyers.
C. Should be hard-hitting.
D. Should be just enough to keep the sellers happy.
46. The narrative that the agent sends to the lender should include
A. Average market time of comparable listings in the area.
B. Number of Short Sale and REO listings in the MLS.
C. Statewide real estate price trends.
D. Both a and b
47. What is the lender’s usual first response to a short sale offer?
A. Take it.
B. Request that the buyers cover the deficiency in the offer with a personal note.
C. Request that the sellers cover the deficiency in the offer.
D. Determine if the property is worth more than the offer.
48. If the short sale offer is accepted by the lender they will
A. Work with you in any way so that the transaction will close smoothly.
B. Offer to cover any unforeseen costs that might come up.
C. Not care what difficulties there are in closing the transaction.
D. Call the listing agent daily for updates.
49. In 2007, Congress passed a law that directed the IRS to
A. Not count as income any mortgage debt that was forgiven by the lender.
B. Not count as income forgiven mortgage debt in excess of $25,000.
C. Not count as income mortgage debt that was forgiven by the lender with certain limitations.
D. Not count as income only mortgage debt that was forgiven by the lender on Junior Liens only.
50. Short sales present their own set of risks for the agent, including
A. Talking to sellers about the tax consequences of a short sale.
B. Communicating to the sellers that the buyer will pay an inflated price for something of the sellers.
C. Both a and b
D. Neither a or b
51. Who is responsible for all the state, county, city and federal disclosures that are required in a short sale transaction?
A. Buyer
B. Seller
C. Lender
D. Agent
52. What is one of the risks of working with a company that specializes in handling the details of a short sale?
A. It is a RESPA violation.
B. Some of the companies are here today and gone tomorrow.
C. It is against the Truth in Lending Act.
D. The agent may have to give up some of the commission.
53. What is the lenders usual first response to a short sale offer?
A. The property is worth more than the offer.
B. Request that the seller cover the deficiency in the offer.
C. Request that the buyer cover the deficiency in the offer with a personal note.
D. We’ll take it
54. A 2007, tax law passed by Congress provides that
A. Forgiven loans must be reported as income by taxpayers.
B. Short sales cannot adversely affect credit ratings.
C. Taxpayers may not have to pay income tax on forgiven loans.
D. Mortgagees holding junior mortgages could not foreclose on delinquent borrowers.
55. The type of servicing agreement that the lender has with the investor
A. Has no effect on the time it takes to accept or reject the short sale offer.
B. Has nothing to do with the approval process of a short sale offer.
C. Affects the time it takes to accept or reject a short sale offer.
D. Only affects the short sale offer if the offer is rejected.
56. If an agent turns over a transaction to a short sale management company, and the sale doesn’t come together, the agent could be
A. Sued for not being honest.
B. Sued for negligence.
C. Sued for failure to disclose.
D. Sued for failure to perform.
57. An agent turned over a transaction to a short sale management company and the sale didn’t come together. What could happen to the agent?
A. They could be sued for negligence.
B. They could be sued for failure to disclose.
C. They could be sued for failure to perform.
D. They could be sued for being dishonest.
58. When the short sale package is submitted to the lender what are the lenders options?
A. Refuse the offer.
B. Ignore the offer.
C. Approve the offer.
D. All of the above.
59. What should the listing agent try to do if the short sale offer is refused by the lender?
A. Have the seller sign a personal note for the deficiency.
B. Forget the whole thing.
C. Find out the net proceed figure the lender will accept.
D. Offer to reduce the commission to cover the deficiency.
60. What is a “double close and flip?”
A. When an investor buys two short sale properties and closes on both the same day.
B. When the agent representing the seller also represents the buyer.
C. When the agent representing the buyer and the agent representing the seller work for the same firm.
D. When an investor does a concurrent close, selling the property to another buyer at a higher price than the investor paid.
61. In what type of foreclosure is the lender required to file suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property with no obligation to sell the property?
A. Standard
B. Judicial
C. Strict
D. Non-judicial
62. What type of foreclosure is also referred to as a “power of sale?”
A. Non-judicial
B. Strict
C. Deed in lieu of foreclosure
D. Judicial
63. Which form of foreclosure is available in all states?
A. Strict foreclosure
B. Deed in lieu of foreclosure
C. Standard foreclosure
D. Judicial foreclosure
64. What is created once the foreclosure process has been completed?
A. DIL
B. REO
C. SS
D. MM
65. To whom does a deed in lieu of foreclosure offer advantages?
A. The homeowner
B. Then lender
C. Neither the homeowner nor the lender
D. Both the homeowner and the lender
66. Which type of foreclosure does not require the lender to file an actual lawsuit?
A. Judicial
B. Strict
C. Non-judicial
D. None of these
67. When does a loan modification take place?
A. When a borrower misses their first loan payment.
B. Prior to an actual foreclosure process.
C. When a homeowner gets a lower-paying job.
D. After the foreclosure process is completed.
68. When the lender agrees to accept a payoff less than the principal balance of the homeowner’s mortgage in order to permit the homeowner to sell the home for the actual market value of the home, this is known as what?
A. Short sale
B. Loan modification
C. Standard foreclosure
D. Deed in lieu of foreclosure
69. “Fixing” adjustable mortgage rates is a form of
A. Adjusting a deed
B. Closing a loan
C. Modifying a loan
D. Allowing a home to sell for market value
70. In what type of foreclosure does a lender give a borrower a notice of default in a form prescribed by the state?
A. Judicial
B. Strict
C. Standard
D. Non-judicial
71. Which of these alternatives to foreclosure involves sale proceeds that are less than the actual loan payoff amount?
A. Short sale
B. Loan modification
C. Bankruptcy
D. Deed in lieu of foreclosure
72. Which of these statements is TRUE about a judicial foreclosure?
A. It can never be heard in a federal court.
B. It is rarely heard in a local court.
C. It is usually heard in a state court.
D. It is heard in an appeals court.
73. What is a foreclosure?
A. A borrower deeding back their property to the lender.
B. A forced sale by a lender of real property used as security for a mortgage loan or deed of trust in the event of a borrower’s default.
C. A lender adding property to its assets.
D. A lender restoring equity to an owner.
74. Within what timeframe can a lender perform a review of the licensee’s records on an REO property?
A. With 24 hours notice
B. With 48 hours notice
C. With 72 hours notice
D. With one week’s notice
75. Which statement about the “cash for keys” program is TRUE?
A. Lenders pay borrowers to vacate a property without damaging it.
B. This program applies to homes in danger of foreclosure.
C. A homeowner can renegotiate the cash payment after the offer from the lender has been accepted.
D. Cash payments vary, but are never more than $3,000.
3 of 6 When the seller is the current property owner, which statement is TRUE?
A. The licensee should not communicate with the lender.
B. The licensee should avoid comparing the property with other foreclosures.
C. The licensee must determine property status as soon as possible.
D. There is little a licensee can do to sell the property before foreclosure.
76. For how long must a licensee keep records of services performed on an REO property?
A. Six months
B. One year
C. Two years
D. Five years
77. Which statement is TRUE?
A. An asset manager may be required to pay a judgment or mechanic’s lien in order to issue a clear title.
B. Unpaid taxes will affect a property’s market value, but homeowner’s fees will not.
C. Current “bank-owned” inventory is not considered competition for a current foreclosed home.
D. Items such as seller-paid down-payment fees or closing costs would not make a significant difference in the market value of the property.
78. If the seller of a property is the lender, which statement is FALSE?
A. The licensee should consider running a title insurance commitment.
B. The licensee should complete a specific marketing plan for the property.
C. The licensee should verify who is the actual current owner.
D. The licensee should track the chain of title.
79. In whose hands do larger lenders typically place a property once the foreclosure process is complete?
A. Title company
B. Foreclosure department
C. Asset management company
D. Commercial real estate company
80. Which of these conditions would appear on a licensee’s “repairs to improve marketability” list to a property’s asset manager?
A. Broken toilet
B. Missing front window shutter
C. Presence of asbestos
D. Windows that won’t open
81. Cash for keys
A. Is a variation of deed in lieu of foreclosure.
B. Helps the lender avoid a lengthy eviction process.
C. Helps prevent the borrowers from destroying the property.
D. All of the above.
82. Which pricing strategy would make a property capable to receive government financing?
A. As is
B. Safe and secure
C. Competitive
D. Absorption
83. If a listing is assigned to an asset management company on the day of foreclosure, within what time frame is an occupancy check usually required?
A. Within 12-24 hours
B. Within 24-36 hours
C. Within 48 hours
D. Within 72 hours
84. When determining a price for the foreclosed property, a lender might require
A. A CMA and REO
B. A BPO and a CPA
C. A BPO and REO
D. A CMA or a BPO
85. Most licensees who work with REO properties will need to enter into a:
A. Special designation specifically for REO properties
B. Master listing agreement
C. Limited listing agreement
D. None of the answers shown
86. Which statement about an REO listing is FALSE?
A. An inspection is critically important.
B. This inspection will occur after arriving at the market value price for the property.
C. Needed repairs will have a profound effect on a potential listing price.
D. The inspection must occur prior to arriving at a market value.
87. Which of these statements about property titles is TRUE?
A. Most foreclosed properties have a clear title with no problems.
B. Most lenders still hold the title to the properties they loaned money on.
C. Sometimes property payoffs go to the wrong party.
D. It is critically important for an REO buyer to have the title insurance commitment reviewed by an attorney.
88. Stella has an accepted offer on an REO property. The appraisal was done and the appraiser came back with a list of repairs needed to bring the property in at value? What should Stella do?
A. Stella need not worry. The lender will make the repairs.
B. Stella should refuse to pay any higher price the lender may request to cover the repairs.
C. Stella should walk away from the deal.
D. Stella should request a renegotiation session with the seller/lender/asset manager.
89. The Dunbars want to purchase an REO property. The water has been turned off. Who will be responsible for the cost of having to de-winterize and then re-winterize the property so the inspection can be done properly?
A. The lender
B. The licensee
C. The Dunbars
D. The seller
90. Sam will need to acquire a loan to purchase the REO property he is interested in. The property has unpaid taxes. Which statement is TRUE?
A. The county will forgive the taxes once the property is sold.
B. Sam may have to pay the taxes as part of his closing costs.
C. Sam will not have to pay the taxes if he is using the property as a second home.
D. Sam may have to pay the taxes, which would be in addition to any costs the lender charges for the new loan.
91. Licensee Grace has a buyer, Joyce, interested in one of her REO listings. Which of these items should Grace discuss with Joyce?
A. Chain of title
B. What kinds of inspections to consider getting
C. The great deal Joyce will get with this purchase
D. Closing costs
92. Able has just closed on an REO. He did not do a last-minute inspection of the property before closing. When he visits the property after the closing, he discovers that vandals have stolen the copper from the air-conditioning unit. What recourse does he have?
A. Able can go back to the lender to renegotiate.
B. Able has no recourse since he did not inspect before the closing.
C. Able can petition a court to get the lender to do a partial refund.
D. Able can send half the repair bill to the asset manager.
93. Licensee Jamal has a buyer interested in one of his REO listings. Which of these items should Jamal discuss with his buyer?
A. Chain of title
B. Closing costs
C. The great deal the buyer can make with this purchase
D. The condition of the property
94. Celeste is getting ready to close on an REO. Which of these statements is FALSE?
A. Celeste should be sure that all critical documents have been signed.
B. She should have the title work reviewed by an attorney.
C. She should do a thorough inspection of the property once again just before closing.
D. If an inspection shows that vandalism has occurred and valuable things have been removed, Celeste cannot have those issues addressed prior to closing.
95. Which statement about clauses in the purchase offer is TRUE?
A. No addendums to the purchase offer can be required.
B. The offer should state that the closing be held no later than 30 days from acceptance.
C. The lender could be exempt from some required disclosures that the listing agent is required by law to make.
D. Clauses included in the purchase offer are never detrimental to a buyer’s interests.
96. Who makes the rules on how REO transactions are handled?
A. Listing agent
B. State government
C. Lender
D. There are no rules.
97. Where is the best location to purchase a foreclosed REO property?
A. A lower value neighborhood with fewer foreclosed properties
B. A neighborhood with lots of foreclosed properties
C. A higher value neighborhood with few other foreclosure properties
D. A new subdivision with several foreclosure properties
98. Mateo is interested in purchasing an REO property. When writing his offer to purchase, Mateo should
A. Require the lender to make full disclosure of all material items.
B. Be prepared to counter a counter offer.
C. Offer full list price to ensure that his offer to purchase will be approved.
D. Be prepared to sign any papers required by the lender.
99. When a buyer is interested in an REO property, it is important that they understand
A. The lender is required to make any necessary repairs to the property before it is sold.
B. The lender is required by law to NOT make any repairs on the property.
C. The lender is already losing money on the property and may not be willing to make repairs.
D. None of the answers shown
100. Who makes the final decision to accept an REO offer?
A. The asset manager
B. The lender
C. The foreclosure department
D. The person involved in the financial loss
101. A Trustee Sale is used in a
A. Non-judicial foreclosure state
B. Judicial foreclosure state
C. Loss mitigation situations
D. Strict foreclosure sale
102. When listing a short sale property the agent should
A. Use a standard listing agreement with no additional comments.
B. State on the listing agreement that any accepted offer is “subject to lenders approval.”
C. Use a specific “Short Sale” listing form.
D. Use a listing form recommended by the lender.
103. A “double close and flip” is
A. When the agent representing the seller also represents the buyer.
B. When the agent representing the buyer and the agent representing the seller work for the same firm.
C. When an investor does a concurrent close, selling the property to another buyer at a higher price.
D. When an investor buys two short sale properties and closes on both the same day.
104. Which foreclosure procedure is usually available only when the value of the property is less than the debt?
A. Judicial
B. Standard
C. Non-judicial
D. Strict
105. Which of these actions could interfere with the foreclosure process?
A. Having to decide what is personal property and what is trash.
B. Removing personal property from the premises with the lender’s consent.
C. Failure to notify a previous owner before disposing of personal property.
D. Removing trash from the premises.
106. An as-is pricing strategy may limit financing options to:
A. Cash only or only certain types of conventional loans
B. Only FHA loans
C. Only VA loans
D. Only USDA loans
107. Sita is interested in purchasing an REO property. When writing her offer to purchase, Sita should
A. Be prepared to counter a counter offer.
B. Offer full list price to ensure that her offer to purchase will be approved.
C. Be prepared to sign any papers required by the lender.
D. Require the lender to make full disclosure of all material items.
108. A form of foreclosure that is available in all states is:
A. Strict
B. Standard
C. Judicial
D. Non-judicial
109. John’s lender agreed to accept a payoff less than the principal balance of John’s mortgage so that John could sell his home for the actual market value. What was this called?
A. Short sale
B. Loan modification
C. Standard foreclosure
D. Deed in lieu of foreclosure
110. When purchasing an REO property:
A. The buyer should do only the home inspection
B. The buyer should consider home inspections beyond the basic home inspection and include inspections of structural, roofing, furnace/HVAC and well and septic, if applicable.
C. The buyer should be aware that he or she should do all possible inspections
D. The buyer may be assured that the lender will make full disclosure of all material defects
111. In order to take advantage of short sale opportunities, the licensee:
A. Has to be educated about the complexities of a short sale
B. Has to be educated about the complexities of a short sale AND should be knowledgeable about short sales
C. Should be knowledgeable about short sales
D. Can fake it until he or she knows what he or she is doing
112. When using a Deed of Trust, there are:
A. 2 parties involved: borrower and lender
B. 3 parties involved: borrower, lender, and trustee
C. 4 parties involved: borrower, lender, trustee, and escrow officer
D. 3 parties involved: borrower, lender, and escrow officer
113. Which statement is TRUE, when the seller is the current property owner?
A. The licensee must determine property status as soon as possible.
B. The licensee should not communicate with the lender.
C. There is little a licensee can do to sell the property before foreclosure.
D. The licensee should avoid comparing the property with other foreclosures.
114. When getting in touch with attorneys for short sale leads, a licensee should contact:
A. Divorce Attorneys
B. Bankruptcy Attorneys
C. Real Estate Attorneys
D. All of the answers shown
115. Which of the following could be a good source of short sale leads?
A. Pay Day loan companies
B. Loan processers
C. Mortgage lenders
D. Credit repair companies
116. Prospecting for short sale leads:
A. Can help build a strong referral base
B. Is too expensive
C. Is a waste of time
D. Is limited to the Notice of Defaults list
117. When meeting with a short sale prospect for the first time, the first thing that a licensee should do is:
A. Settle on the commission
B. Find out how much money is owed on the property
C. Get the listing agreement signed
D. Rely on what the seller tells you
Short Sales and Foreclosures
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