303 NC POST LICENSING EXAM 2024 | CURRENTLY
TESTING EXAM VERSION WITH A PREDICTED EXAM
RESPA PROHIBITS - answers-Real Estate Licenses from forcing client or customer
to use a particular settlement service provider
Commercial Real Estate Lien Act says - answers-Lien May be placed on
Commercial properties for commercial service rendered in a sales or lease
transaction
Commercial Real Estate Lien Requirements - answers-1) Written Agreement
specifying services and compensation
2) Must be a listing agent to file
3) Must be limited to THE subject property
Commercial Real Estate Lien Tim Requirements - answers-1) Not until 30 days of
closing or possesion
,2) For Leases - 90 days or written 60 days of non payment
3) Broker has 18 months to enforce
4) Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
5) Mechanics Liens ALWAYS have superiority over the broker's regardless of when
they are filed
A Licensee may not earn compensation when there license - VIP - answers-is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN - VIPterm-0 -
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
TESTING EXAM VERSION WITH A PREDICTED EXAM
RESPA PROHIBITS - answers-Real Estate Licenses from forcing client or customer
to use a particular settlement service provider
Commercial Real Estate Lien Act says - answers-Lien May be placed on
Commercial properties for commercial service rendered in a sales or lease
transaction
Commercial Real Estate Lien Requirements - answers-1) Written Agreement
specifying services and compensation
2) Must be a listing agent to file
3) Must be limited to THE subject property
Commercial Real Estate Lien Tim Requirements - answers-1) Not until 30 days of
closing or possesion
,2) For Leases - 90 days or written 60 days of non payment
3) Broker has 18 months to enforce
4) Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
5) Mechanics Liens ALWAYS have superiority over the broker's regardless of when
they are filed
A Licensee may not earn compensation when there license - VIP - answers-is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN - VIPterm-0 -
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
