NC POST LICENSING 303 EXAM 2026
QUESTIONS AND ANSWERS 100% PASS
⩥ 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
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
- 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
3) Seller Financed Transactions
) Commercial Transactions
⩥ RESPA CO-OWNERSHIP with different settlement service providers.
Answer: Also known as:
- Affiliated Business Arrangements (ABAs)
QUESTIONS AND ANSWERS 100% PASS
⩥ 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
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
- 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
3) Seller Financed Transactions
) Commercial Transactions
⩥ RESPA CO-OWNERSHIP with different settlement service providers.
Answer: Also known as:
- Affiliated Business Arrangements (ABAs)
