Exam (elaborations)
NC 303 Post Licensing exam with correct answers 2024.
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NC 303 Post Licensing exam with correct answers 2024.
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NC 303 Post Licensing exam withcorrect answers 2024
A Licensee may not earn compensation when there license - VIP - ANSWER: ➡ is INACTIVE or
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EXPIRED
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A Licensee can receive compensation that was earned WHEN - VIPterm-0 - ANSWER: ➡ the
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license was current and active even if inactive of expired after
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A BIC may NOT pay a licensee's ENTITY - ANSWER: ➡ unless the entity has a firm license.
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A Licensee can share commission with parties BUT - ANSWER: ➡ 1) Must be in writing - as
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part of the agreement
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2) Must be subject to Lender Approval in case of loans
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3) Disclosed on the Closing Disclosure
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4) Is considered a gift
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5) Only with principal or client (not others)
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Compensation ALWAYS flows through the firm - ANSWER: ➡ 1) from the BIC
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2) NO payment directly by the firm
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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 -
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Not a Rule
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2) May pay referral fees to brokers in any state if person has a CURRENT and ACTIVE license
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3) DOCUMENTATION in broker's file:
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- Written documentation regarding fee
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- Proof of licensure
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- Copy of a W9 for Brokerage Insurance or a 1099
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When receiving Bonuses & Incentives - ANSWER: ➡ Disclosure AND consent by Principal is
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REQUIRED
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RESPA Prohibits - ANSWER: ➡ KICKBACKS to
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Settlement Service Providers g g g
- BANKS
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- APPRAISAL COMPANIES
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- TITLE OFFICERS
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- ATTORNEYS
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RESPA STATUTE - ANSWER: ➡ Applies to:
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- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED LOAN
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- ENFORCED BY HUD
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RESPA does not apply to (VIP) - ANSWER: ➡ 1) Vacant Land Transactions
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2) Cash Transactions
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, 3) Seller Financed Transactions
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) Commercial Transactions
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RESPA CO-OWNERSHIP with different settlement service providers - ANSWER: ➡ Also known
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as:
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- Affiliated Business Arrangements (ABAs)
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- Controlled Business Arrangements (CBAs)
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These are permitted but 3 requirements:
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1) Disclosure of the relationship
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2) Use of the service provider cannot be forced
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3) must disclose fees
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RESPA PROHIBITS - ANSWER: ➡ Real Estate Licenses from forcing client or customer to use a
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particular settlement service provider
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Commercial Real Estate Lien Act says - ANSWER: ➡ Lien May be placed on Commercial
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properties for commercial service rendered in a sales or lease transaction
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Commercial Real Estate Lien Requirements - ANSWER: ➡ 1) Written Agreement specifying
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services and compensation
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2) Must be a listing agent to file
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