Question

Oanne wishes to specialize in REO transactions. She is a new sales agent. Ballast Realty, her sponsoring broker, should ensure that she has knowledge of which of the following to be considered competent to do so?

a) Property Preservation Techniques
b) International Real Estate Markets
c) Luxury Home Sales
d) Agricultural Land Valuation

Answer 1

Joanne needs to acquire knowledge in Property Preservation Techniques to become competent in REO transactions, as this is critical to maintain and increase the value of foreclosed properties owned by banks or lenders.

Step-by-step explanation:

Joanne, who wishes to specialize in REO (Real Estate Owned) transactions as a new sales agent at Ballast Realty, should ensure that she has sufficient knowledge in Property Preservation Techniques. REO properties are typically owned by banks or lenders as a result of foreclosure, and it is crucial for an agent specializing in this type of transaction to understand the nuances of preserving and maintaining such properties in order to maximize their value and appeal to potential buyers.

Knowledge in international real estate markets, luxury home sales, or agricultural land valuation, while valuable, is not directly related to REO transactions. Therefore, focusing on property preservation is key for a professional aiming to become a competent specialist in REO transactions.