Foreclosure
Short Sale
A concise definition for the California Real Estate Exam study guide.
Definition
Lender agrees to accept less than the full loan balance from the sale proceeds. Requires lender approval. Seller and buyer cannot force it. Broker must document negotiations carefully.
Why it matters on the California real estate exam
Know the definition, recognize how the term appears in a fact pattern, and compare it with related concepts before choosing an answer.
Study this topic in context
Read the related chapter for the surrounding concepts, examples, and exam tips.
Chapter 10: Foreclosure & Distressed Property →