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303 NC POST LICENSING EXAM ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS BEST AND NEWEST ACTUAL EXA1 $17.99
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303 NC POST LICENSING EXAM ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS BEST AND NEWEST ACTUAL EXA1

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  • 303 NC POST
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  • 303 NC POST

303 NC POST LICENSING EXAM ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS BEST AND NEWEST ACTUAL EXA1

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Document information

  • November 19, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • 303 nc post
  • 303 nc
  • 303
  • 303 nc post licensing exam actual exam complete ac
  • 303 nc post licensing exam

Written for

  • 303 NC POST
  • 303 NC POST

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303 NC POST LICENSING EXAM ACTUAL EXAM
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS BEST AND NEWEST
ACTUAL EXAM /GRADED A+

A Licensee may not earn compensation when there license - VIP - ANSWER is
INACTIVE or EXPIRED

A Licensee can receive compensation that was earned WHEN - VIPterm-0 - ANSWER
the license was current and active even if inactive of expired after

A BIC may NOT pay a licensee's ENTITY - ANSWER unless the entity has a firm
license.

A Licensee can share commission with parties BUT - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER Disclosure AND consent by Principal
is REQUIRED

RESPA Prohibits - ANSWER KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS

RESPA STATUTE - ANSWER Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED LOAN
- ENFORCED BY HUD

RESPA does not apply to (VIP) - ANSWER 1) Vacant Land Transactions

2) Cash Transactions

3) Seller Financed Transactions

) Commercial Transactions

RESPA CO-OWNERSHIP with different settlement service providers - ANSWER Also
known as:

- Affiliated Business Arrangements (ABAs)

- Controlled Business Arrangements (CBAs)

These are permitted but 3 requirements:

1) Disclosure of the relationship
2) Use of the service provider cannot be forced
3) must disclose fees

RESPA PROHIBITS - ANSWER Real Estate Licenses from forcing client or customer to
use a particular settlement service provider

Commercial Real Estate Lien Act says - ANSWER Lien May be placed on Commercial
properties for commercial service rendered in a sales or lease transaction

Commercial Real Estate Lien Requirements - ANSWER 1) Written Agreement
specifying services and compensation

2) Must be a listing agent to file

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