Page 1 of 83
303 NC POST LICENSING EXAM 2024 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 -
VIP .....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
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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
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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
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- 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
303 NC POST LICENSING EXAM 2024 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 -
VIP .....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
,Page 2 of 83
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
,Page 3 of 83
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
, Page 4 of 83
- 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
