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REOC HERO 2023a

REO CERTIFICATION

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Step 1 of 2

50%

Your Name*

First Last

Best Email Address*

What is a "Good Neighbor" policy?*

Giving your business card to neighbors

Saving the Asset Management Company money or property

Warning that the property is vacant

All of the above

What is the maximum amount of time that you have between assignment of property and contacting the local code enforcement agency?*

0 - 2 Days

2 - 4 Days

4 - 6 Days

6 - 10 Days

What is the ideal percentage (%) that your original BPO should be to sales prices?*

85% - 95%

95% - 105%

100% - 110%

105% - 115%

Why do MOST asset management companies go to conferences?*

To meet agents

To find new clients/banks

To party with agents

To get out of the office

When an AMC assigns you a property, what is the first action you must take?*

Check occupancy

Read your Master Servicing Agreement/Agent Instructions

Prepare a BPO

Check and see if the property is listed

What is the difference between a Rehab and a Renovation?*

Time it takes for repairs

Cost

Amount of Work

All of the Above

Who in your office completes the MSR on a property?*

Assistant

Same Person that Did the Original BPO

If an AMC gives you a significantly higher listing price than your BPO, what is the best action to take?*

Call the Asset Manager and remind them of your BPO value

Tell them to pull the listing

Co-list with another agent because it is a waste of your time and money

Do as you are told and provide feedback in 2 weeks

Who is required to obtain HOA info and Demands?*

AMC

Title/Settlement company

You

The bank that owns the deed

What is the "Highest" amount that you can send an AMC a gift card for?*

$5 - $10

$5 - $15

$5 - $25

None of the above

If an AMC asks you to change your value on a BPO, what do you do?*

Change it to what they want

Negotiate between yours and what they want

Own your value and don't budge

None of the above

Who is responsible if a property smells horribly and the cost to replace carpet and paint is not approved?*

AMC

You, the Listing Agent

Both You as the Listing Agent and the AMC

What is the best way to show the AMC that a property is overpriced?*

Have another agent in your office do a BPO

Have another agent in a different company do a BPO

Give the AMC 6 additional sold comps

Do an open house and obtain buyer agent showing feedback/comment cards

If a closing needs to be extended, who grade suffers the most?*

Listing Agent

Buyer Agent

Mortgage Company

Closing Services Company

You have an average priced property listed on the market for 7 days, and you have not received a full priced offer. What should you do?*

Contact all of your investors

Hold an open house

Call the AMC and ask for a LPR

Hand out mailers in the neighborhood

You have a task that is due on Saturday that was assigned to you on Friday. Which statements are true?*

I can do the task before the AMC gets in the office on Monday

Call the Asset Management and see if they can change the date on task

All tasks can be late up to 24 hours without effective my score

Do the task on Friday or Saturday

Your agent instructions state, "You have 21 days from the date of service to submit invoices for reimbursement". However, you noticed that your bookkeeper forgot to submit a $75 water bill and it is 26 days after the Date of Service. Which should you do?*

Advise your bookkeeper that importance of timeliness and the effect of their actions

Call the Asset Manager and advise the bill was not submitted, and if it is too late, cancel the task and you will eat the invoice

Add a follow-up task into your internal task management system to keep it from happening again

All of the above

When you are preparing an email marketing campaign to Asset Management Companies, which of the following items should NOT be included in the email?*

Community Involvement

Years in the industry

How many more REO's you can handle

Short market news information

Where should you put the list of zip codes in your coverage area on your business card?*

The back of your business card

Underneath the company address on the front of the business card

At the very bottom of the front of your business card

None of the above

How often should I contact my Asset Manager?*

Every day to show I have good communication skills

Once a week if no major actions have happened, just to give them an update

Monthly to discuss my grade and how I can make their jobs easier

Only when they email me and want something

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