303 NC POST LICENSING EXAM NEWEST WITH UPDATED QUESTIONS AND ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ [BRANDNEW!!!]
6 views 0 purchase
Course
303 NC POST LICENSING
Institution
303 NC POST LICENSING
303 NC POST LICENSING EXAM NEWEST
WITH UPDATED QUESTIONS AND ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
[BRANDNEW!!!]
If complaint is filed against a full broker, the BIC will be named if
the complaint falls within one of the following 5 categories or there
is indication of the BICs in...
If complaint is filed against a full broker, the BIC will be named if
the complaint falls within one of the following 5 categories or there
is indication of the BICs involvement; - ANSWER-1. Agency
2. Active and current licensure
3. Advertising
4. Trust accounts
5. Transaction files
A licensee may not earn compensation when their license is
inactive or expired however; - ANSWER-A licensee can receive
compensation that was earned when the license was current and
active.
A BIC may not pay a licensees entity unless that entity -
ANSWER-has a firm license
,2|Page
The only exception of when a licensee can provide compensation
or anything of value to an unlicensed person in NC is payment to
a - ANSWER-Travel agent
Licensees may always share compensation with parties to the
transaction provided that: - ANSWER-- There is written disclosure
and consent
- Subject to lender approval
- Disclosed on CD
Compensation issues that ought to be included and reviewed by
licensees and the firm in the brokers firm employment agreement;
- ANSWER-- Commision splits
- Receipts of bonuses
- Additional fees
- Handling of referrals
- Payment upon termination
,3|Page
Brokerages may pay referral fees in any state if the person to
whom the referral is being paid has a - ANSWER-current and
active license in any state
When a referral is made, what documents should be in the
brokers file? - ANSWER-1. Written documentation regarding the
fee
2. Proof of licensure
3. Copy of W9 for broker issuance of a 1099
The payment of buyer-broker co-op fees is dictated by the policies
of? - ANSWER-Local MLS rules and policies
The receipt of all compensation requires - ANSWER-Disclosure to
principal and consent by the principal.
RESPA prohibits the payment of.. - ANSWER-Kickbacks to
settlement service providers.
, 4|Page
The federal RESPA statute applies to.. - ANSWER-1-4 Unit
residential properties with a federally related loan.
What transactions do RESPA not apply to? - ANSWER-- Vacant
land transactions
- Cash transactions
- Seller financed transactions
- Commercial transactions
When a real estate brokerage has co-ownership of different
settlement service providers, it is called an - ANSWER-ABA
(affiliated business arrangement) or a CBA (controlled business
arangement)
ABAs and CBAs are permitted as long as there is - ANSWER--
Disclosure of the relationship
- Can't force the use
- Must disclose the fee's
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller edwinnyamoita. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
