Exam (elaborations)
NC POST LICENSING – 303 QUESTIONS AND ANSWERS
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NC POST LICENSING – 303 QUESTIONS AND ANSWERS
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NC POST LICENSING – 303 QUESTIONS ANDANSWERS
A Licensee may not earn compensation when there license - VIP - Answers- is
INACTIVE or EXPIRED
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
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
When receiving Bonuses & Incentives - Answers- Disclosure AND consent by Principal
is REQUIRED
RESPA Prohibits - Answers- KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE - Answers- Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED LOAN
- ENFORCED BY HUD
, RESPA does not apply to (VIP) - Answers- 1) Vacant Land Transactions
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
RESPA CO-OWNERSHIP with different settlement service providers - Answers- Also
known as:
- Affiliated Business Arrangements (ABAs)
- Controlled Business Arrangements (CBAs)
These are permitted but 3 requirements:
1) Disclosure of the relationship
2) Use of the service provider cannot be forced
3) must disclose fees
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
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