Foreclosure Process and REO Properties Quiz

Foreclosure Process and REO Properties Quiz

Time limit: 0

Quiz Summary

0 of 12 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 12 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

Not categorized 0%

1
2
3
4
5
6
7
8
9
10
11
12

Current
Review
Answered
Correct
Incorrect

Question 1 of 12

1. Question
Most lenders prefer the non-judicial foreclosure process because:
- It is faster.
- It is less complicated.
- It is less expensive.
- All of the above
Correct

Incorrect
Question 2 of 12

2. Question
The Notice of Default is:
- the beginning of the foreclosure process.
- the notice given to tenants to start foreclosure.
- the end of the foreclosure process.
- None of the above
Correct

Incorrect
Question 3 of 12

3. Question
The first 35 days following the Notice of Default is known as the:
- default period.
- reinstatement period.
- redemption period.
- grace period.
Correct

Incorrect
Question 4 of 12

4. Question
Prior to the Trustee’s Sale, the sale must be advertised:
- on television.
- daily for 21 consecutive days.
- in the Wall Street Journal.
- once a week for 3 weeks.
Correct

Incorrect
Question 5 of 12

5. Question
The “Automatic Stay” occurs:
- in the 72 hours prior to the trustee sale.
- when the Trustor files a Chapter 7 or 13 bankruptcy.
- during the first 35 days following the Notice of Default.
- when the beneficiary files for bankruptcy protection.
Correct

Incorrect
Question 6 of 12

6. Question
The time period from the 36th day following the Notice of Default up to the time and date of the trustee sale is known as the:
- foreclosure period.
- depressive period.
- reinstatement period.
- redemption period.
Correct

Incorrect
Question 7 of 12

7. Question
In a proceeding for a deficiency judgement, the lender must file the action:
- within 3 months of the trustee's sale.
- at the time of the trustee's sale.
- at the time of the Notice of Default.
- within 6 months of the trustee's sale.
Correct

Incorrect
Question 8 of 12

8. Question
REO stands for:
- Repo Escalation Organization.
- Real Estate Opportunity.
- Real Estate Owned.
- Real Estate Operation.
Correct

Incorrect
Question 9 of 12

9. Question
Cash for Keys is:
- a recycling program.
- a payday advance company for homeowners.
- a way for a lender to gain quick possession of a foreclosed property.
- the real estate equivalent of the "Cash for Clunkers" program.
Correct

Incorrect
Question 10 of 12

10. Question
An Asset Manager is:
- a trust department in a bank.
- a company that manages retirement programs.
- a division of Fannie Mae.
- a company that handles foreclosed properties for a lender.
Correct

Incorrect
Question 11 of 12

11. Question
Is it legal for an agent to do a BPO and get paid in Nevada?
- Yes, if the agent follows the rules set forth in SB 184.
- No, it is expressly prohibited in AB 140.
- Yes, if the agent does not collect more than $200.00.
- No, an agent is not an appraiser.
Correct

Incorrect
Question 12 of 12

12. Question
Delinquent Home Owners Association dues:
- remain in place until paid regardless of the amount.
- are wiped out at the time of foreclosure.
- are an abomination and is the cause of our current real estate downfall.
- can be placed as a lien on a property after foreclosure, however only 9 months of dues can be assessed.
Correct

Incorrect

Login

Accessing this course requires a login. Please enter your credentials below!

Username or Email Address

Password

Remember Me

Lost Your Password?

Register

Don't have an account? Register one!

Register an Account