NC Post Licensing – 303 Exam 2024 Questions & Answers 100% Correct!

A Licensee may not earn compensation when there license - VIP - ANSWERSis INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIPterm-0 - ANSWERSthe license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - ANSWERSunless the entity has a firm license. A Licensee can share commission with parties BUT - ANSWERS1) 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 - ANSWERS1) 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 - ANSWERS1) 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 - ANSWERSDisclosure AND consent by Principal is REQUIRED