, 10/27/24, 8:28 AM NC 303 /NC POST LICENSING - 303 |2024-2025 UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS A…
1) from the BIC
Compensation ALWAYS 2) NO payment directly by the firm
flows through the firm
3) Brokers MAY NOT pay brokers directly except a
SOLE PROPrietorships
1) Best Practice to put in writing - Not a Rule
2) May pay referral fees to brokers in any state if
When Paying Non- person has a CURRENT and ACTIVE license
Affiliated Brokers or
Firms 3) DOCUMENTATION in broker's file:
- Written documentation regarding fee
- Proof of licensure
- Copy of a W9 for Brokerage Insurance or a 1099
When receiving Bonuses Disclosure AND consent by Principal is REQUIRED
& Incentives
KICKBACKS to
Settlement Service Providers
- BANKS
RESPA Prohibits
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A
RESPA STATUTE
FEDERALLY RELATED LOAN
- ENFORCED BY HUD
1) Vacant Land Transactions
2) Cash Transactions
RESPA does not apply to
(VIP)
3) Seller Financed Transactions
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