303 NC POST LICENSING EXAM 2024 | CURRENTLY
TESTING EXAM VERSION WITH A PREDICTED
EXAM Questions andAnswers
A Licensee may not earn compensation when there license - (answers)is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN -- (answers)the
license was current and active even if inactive of expired after
A BIC may NOT pay a licensee's ENTITY - (answers)unless the entity has a firm
license.
A Licensee can share commission with parties BUT - (answers)1) Must be in
writing - as part of the agreement
2) Must be subject to Lender Approval in case of loans
3) Disclosed on the Closing Disclosure
4) Is considered a gift
5) Only with principal or client (not others)
Compensation ALWAYS flows through the firm - (answers)1) from the BIC
,2) NO payment directly by the firm
3) Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships
When Paying Non-Affiliated Brokers or Firms - (answers)1) Best Practice to put in
writing - Not a Rule
2) May pay referral fees to brokers in any state if person has a CURRENT and
ACTIVE license
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 & Incentives - (answers)Disclosure AND consent by
Principal is REQUIRED
RESPA Prohibits - (answers)KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
, RESPA STATUTE - (answers)Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED
LOAN
- ENFORCED BY HUD
RESPA does not apply to (VIP) - (answers)1) Vacant Land Transactions
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
RESPA CO-OWNERSHIP with different settlement service providers -
(answers)Also known as:
- Affiliated Business Arrangements (ABAs)
- Controlled Business Arrangements (CBAs)
These are permitted but 3 requirements:
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