Final answer:
An REO sales agent needs knowledge of the real estate market, specifically REO properties, and understanding of legal requirements, property valuation, and the impact of regional security and trade agreements like the USMCA on real estate investments.
Step-by-step explanation:
A sales agent who specializes in Real Estate Owned (REO) properties needs to have a comprehensive understanding of the real estate market, particularly as it pertains to REO properties. REO properties are typically owned by banks or other financial institutions as a result of foreclosure. An effective REO sales agent will be knowledgeable about matters such as property valuation, marketing strategies, legal requirements surrounding property transactions, and the importance of peace and stability in a region to ensure the success of real estate investments.
Moreover, since trade agreements like the United States-Mexico-Canada Agreement (USMCA), the successor to the North American Free Trade Agreement (NAFTA), can significantly impact regional economies and therefore the real estate market, an REO sales agent should be familiar with how such trade deals could influence property values and investment opportunities. Understanding the largest free trade area in the world, like the USMCA, is vital as it can signal economic health which is crucial for REO properties state.