303 NC POST LICENSING EXAM QUESTIONS
AND CORRECT ANSWERS
CLEAN A 1/1/25 EXAM
,303 NC POST LICENSING EXAM
303 NC POST LICENSING EXAM
QUESTIONS AND CORRECT ANSWERS
A Licensee may not earn compensation when there license - VIP - is INACTIVE or
EXPIRED
A Licensee can receive compensation that was earned WHEN - VIPterm-0 - the
license was current and active even if inactive of expired after
A BIC may NOT pay a licensee's ENTITY - unless the entity has a firm license.
A Licensee can share commission with parties BUT - 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 - 1) from the BIC
2) NO payment directly by the firm
303 NC POST LICENSING EXAM
, 303 NC POST LICENSING EXAM
3) Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships
When Paying Non-Affiliated Brokers or Firms - 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 - Disclosure AND consent by Principal is
REQUIRED
RESPA Prohibits - KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE - Applies to:
303 NC POST LICENSING EXAM
AND CORRECT ANSWERS
CLEAN A 1/1/25 EXAM
,303 NC POST LICENSING EXAM
303 NC POST LICENSING EXAM
QUESTIONS AND CORRECT ANSWERS
A Licensee may not earn compensation when there license - VIP - is INACTIVE or
EXPIRED
A Licensee can receive compensation that was earned WHEN - VIPterm-0 - the
license was current and active even if inactive of expired after
A BIC may NOT pay a licensee's ENTITY - unless the entity has a firm license.
A Licensee can share commission with parties BUT - 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 - 1) from the BIC
2) NO payment directly by the firm
303 NC POST LICENSING EXAM
, 303 NC POST LICENSING EXAM
3) Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships
When Paying Non-Affiliated Brokers or Firms - 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 - Disclosure AND consent by Principal is
REQUIRED
RESPA Prohibits - KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE - Applies to:
303 NC POST LICENSING EXAM
