1|Page
303 NC POST LICENSING EXAM ACTUAL EXAM
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS BEST AND NEWEST
ACTUAL EXAM /GRADED A+/ LATEST EXAM!!!
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
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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
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- 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
303 NC POST LICENSING EXAM ACTUAL EXAM
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS BEST AND NEWEST
ACTUAL EXAM /GRADED A+/ LATEST EXAM!!!
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
,2|Page
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
, 3|Page
- 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
