, 10/27/24, 8:28 AM NC 303 /NC POST LICENSING - 303 |2024-2025 UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS A…
1) from the BIC
Compensation ALWAYS 2) NO payment directly by the firm
flows through the firm
3) Brokers MAY NOT pay brokers directly except a
SOLE PROPrietorships
1) Best Practice to put in writing - Not a Rule
2) May pay referral fees to brokers in any state if
When Paying Non- person has a CURRENT and ACTIVE license
Affiliated Brokers or
Firms 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 Disclosure AND consent by Principal is REQUIRED
& Incentives
KICKBACKS to
Settlement Service Providers
- BANKS
RESPA Prohibits
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A
RESPA STATUTE
FEDERALLY RELATED LOAN
- ENFORCED BY HUD
1) Vacant Land Transactions
2) Cash Transactions
RESPA does not apply to
(VIP)
3) Seller Financed Transactions
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CodedNurse. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.