Relocation Policy Flashcards

In a home sale assistance program, what does a Buyer Value Option (BVO) typically involve?

Answer: The relocation company secures a third-party offer and the employee sells to that buyer at the offered price

In a BVO, a buyer offer is arranged, often with the relocation company's support, and the employee sells to that buyer.

What is the main feature of a guaranteed buyout (GBO) program?

Answer: The company guarantees to purchase the home at an appraised value if it does not sell within a set time

A guaranteed buyout provides a safety net: the home is purchased at an appraised price if no acceptable sale occurs.

What is an amended value sale?

Answer: The employee finds a buyer and the program purchases the home at the contract price with the relocation company

In an amended value sale, the employee negotiates a sale and the relocation company buys the home at that agreed amount, then resells it.

What is temporary living assistance commonly used for?

Answer: Short-term housing at the destination while the employee finds permanent housing

Temporary living covers short-term lodging and related costs during the transition period.

A house-hunting trip benefit generally helps the employee to:

Answer: Visit the destination to choose a home or rental before moving

House-hunting trips allow employees and often spouses to explore housing and neighborhoods before relocating.

What does a miscellaneous (or relocation) allowance typically cover?

Answer: Incidental costs of settling in, such as utility deposits, curtains, or driver's license fees

A miscellaneous allowance is a flat amount for small settling-in expenses that are hard to itemize.

What is the purpose of a duplicate housing benefit?

Answer: Reimburse the cost of maintaining two residences for a limited time during the transition

Duplicate housing covers overlapping housing costs when an employee still owns or rents the old home while paying for the new one.