NC Post Licensing – 303 ACTUAL PRACTICE EXAM NEWEST EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS|| VERIFIED 100% ALREADY GRADED A+

NC Post Licensing – 303 ACTUAL PRACTICE EXAM
NEWEST EXAM WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS|| VERIFIED 100%
ALREADY GRADED A+




When Paying Non-Affiliated Brokers or Firms


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


Disclosure AND consent by Principal is REQUIRED

,RESPA Prohibits


KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS


RESPA STATUTE


Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED
LOAN
- ENFORCED BY HUD


RESPA does not apply to (VIP)


1) Vacant Land Transactions


2) Cash Transactions


3) Seller Financed Transactions


) Commercial Transactions

, RESPA CO-OWNERSHIP with different settlement service providers


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


Real Estate Licenses from forcing client or customer to use a particular
settlement service provider