Short Sale and the List Agent Quiz

Short Sale and the List Agent Quiz

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Question 1 of 25

1. Question
- foreclosure.
- pre-foreclosure.
- forbearance.
- deed in lieu of foreclosure.
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Question 2 of 25

2. Question
- False
- True
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Question 3 of 25

3. Question
- deed of trust.
- CMA.
- CRA.
- estimate.
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Question 4 of 25

4. Question
- help the bank determine fair market value.
- help determine the commission.
- help the seller determine the selling price.
- help the bank determine the true hardship.
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Question 5 of 25

5. Question
- the listing date and expiration.
- the date of the foreclosure sale.
- when the default notice has been filed.
- how much the seller owes on the home.
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Question 6 of 25

6. Question
- False
- True
Correct

Incorrect
Question 7 of 25

7. Question
- Be based on the price acceptable to the bank.
- Have a starting and ending date for the listing period and state the commission agreed upon by the broker and buyer.
- State the commissions agreed upon by the bank.
- None of the above.
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Question 8 of 25

8. Question
- A purchase money mortgage.
- A junior lien-holder.
- A senior lien-holder.
- A mechanics lien.
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Question 9 of 25

9. Question
- be a monetary lien.
- mechanic's lien.
- result in automatic foreclosure.
- be a fraudulent activity.
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Question 10 of 25

10. Question
- The amount of time permitted forcing a "quick" sale.
- The sales price falling "short" of the loan balance.
- A shorter period of time required on the market.
- The reduced commission.
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Question 11 of 25

11. Question
- The seller has an economic hardship and the property is worth less than is owed.
- The seller has no equity in the home.
- None of the above
- All of the above
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Question 12 of 25

12. Question
- Submit all offers to the sellers and have them approve the highest and best offer.
- Sign all offers and allow the bank to determine the highest and best offer.
- Hold all offers until the bank has approved the short sale.
- Send all offers to the bank. The seller does not sign off on one until approval.
Correct

Incorrect
Question 13 of 25

13. Question
- The seller has a trustee sale established.
- The seller has accepted the contract signed by the buyer.
- An earnest money deposit is collected.
- The bank has approved the offer and the short sale.
Correct

Incorrect
Question 14 of 25

14. Question
- the commission amount.
- the commission amount as well as the beginning and end date.
- the beginning and end date.
- It is the same contract. There is no difference.
Correct

Incorrect
Question 15 of 25

15. Question
- Best Price Option.
- Broker Preparation Onsight.
- Broker Price Option.
- Broker Price Opinion.
Correct

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Question 16 of 25

16. Question
- Use fair market value.
- Ask the sellers what they want for the home.
- Ask the bank where to price the property.
- Use the highest, most recently sold comparable.
Correct

Incorrect
Question 17 of 25

17. Question
- Offer a deed in lieu of foreclosure.
- Attempt a loan modification.
- Keeping the property.
- Bringing cash to closing to pay the difference in the payoff and the sales price.
- All of the above
Correct

Incorrect
Question 18 of 25

18. Question
- Requires a listing agent.
- Is a loan modification.
- Is still a short sale.
- Is when the seller voluntarily turns the home over to the bank.
Correct

Incorrect
Question 19 of 25

19. Question
- Excessive medical bills.
- The property's value has depreciated significantly.
- Economic in nature.
- Death.
Correct

Incorrect
Question 20 of 25

20. Question
- bank.
- listing agent.
- seller.
- short sale transaction coordinator.
Correct

Incorrect
Question 21 of 25

21. Question
- bank statements.
- two years of tax returns.
- a hardship letter.
- All of the above
Correct

Incorrect
Question 22 of 25

22. Question
- True
- False
Correct

Incorrect
Question 23 of 25

23. Question
- Present only the highest and best offer to the seller.
- Present all offers to the seller.
- Not present any offers, but send all offers to the bank.
- Have the seller accept all offers and send them to the bank.
Correct

Incorrect
Question 24 of 25

24. Question
- Home Owners Association.
- Home Equity Line of Credit.
- Construction Loan for a swimming pool.
- All of the above.
Correct

Incorrect
Question 25 of 25

25. Question
- Straight foreclosure.
- Deed in Lieu.
- Non-Judicial foreclosure.
- Judicial foreclosure.
Correct

Incorrect

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