1|Page
303 NC POST LICENSING EXAM NEWEST 2024-2025
WITH UPDATED QUESTIONS AND ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
[BRANDNEW!!!]
If complaint is filed against a full broker, the BIC will be named if
the complaint falls within one of the following 5 categories or there
is indication of the BICs involvement; - ANSWER-1. Agency
2. Active and current licensure
3. Advertising
4. Trust accounts
5. Transaction files
A licensee may not earn compensation when their license is
inactive or expired however; - ANSWER-A licensee can receive
compensation that was earned when the license was current and
active.
A BIC may not pay a licensees entity unless that entity -
ANSWER-has a firm license
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The only exception of when a licensee can provide compensation
or anything of value to an unlicensed person in NC is payment to
a - ANSWER-Travel agent
Licensees may always share compensation with parties to the
transaction provided that: - ANSWER-- There is written disclosure
and consent
- Subject to lender approval
- Disclosed on CD
Compensation issues that ought to be included and reviewed by
licensees and the firm in the brokers firm employment agreement;
- ANSWER-- Commision splits
- Receipts of bonuses
- Additional fees
- Handling of referrals
- Payment upon termination
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Brokerages may pay referral fees in any state if the person to
whom the referral is being paid has a - ANSWER-current and
active license in any state
When a referral is made, what documents should be in the
brokers file? - ANSWER-1. Written documentation regarding the
fee
2. Proof of licensure
3. Copy of W9 for broker issuance of a 1099
The payment of buyer-broker co-op fees is dictated by the policies
of? - ANSWER-Local MLS rules and policies
The receipt of all compensation requires - ANSWER-Disclosure to
principal and consent by the principal.
RESPA prohibits the payment of.. - ANSWER-Kickbacks to
settlement service providers.
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The federal RESPA statute applies to.. - ANSWER-1-4 Unit
residential properties with a federally related loan.
What transactions do RESPA not apply to? - ANSWER-- Vacant
land transactions
- Cash transactions
- Seller financed transactions
- Commercial transactions
When a real estate brokerage has co-ownership of different
settlement service providers, it is called an - ANSWER-ABA
(affiliated business arrangement) or a CBA (controlled business
arangement)
ABAs and CBAs are permitted as long as there is - ANSWER--
Disclosure of the relationship
- Can't force the use
- Must disclose the fee's
303 NC POST LICENSING EXAM NEWEST 2024-2025
WITH UPDATED QUESTIONS AND ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
[BRANDNEW!!!]
If complaint is filed against a full broker, the BIC will be named if
the complaint falls within one of the following 5 categories or there
is indication of the BICs involvement; - ANSWER-1. Agency
2. Active and current licensure
3. Advertising
4. Trust accounts
5. Transaction files
A licensee may not earn compensation when their license is
inactive or expired however; - ANSWER-A licensee can receive
compensation that was earned when the license was current and
active.
A BIC may not pay a licensees entity unless that entity -
ANSWER-has a firm license
,2|Page
The only exception of when a licensee can provide compensation
or anything of value to an unlicensed person in NC is payment to
a - ANSWER-Travel agent
Licensees may always share compensation with parties to the
transaction provided that: - ANSWER-- There is written disclosure
and consent
- Subject to lender approval
- Disclosed on CD
Compensation issues that ought to be included and reviewed by
licensees and the firm in the brokers firm employment agreement;
- ANSWER-- Commision splits
- Receipts of bonuses
- Additional fees
- Handling of referrals
- Payment upon termination
,3|Page
Brokerages may pay referral fees in any state if the person to
whom the referral is being paid has a - ANSWER-current and
active license in any state
When a referral is made, what documents should be in the
brokers file? - ANSWER-1. Written documentation regarding the
fee
2. Proof of licensure
3. Copy of W9 for broker issuance of a 1099
The payment of buyer-broker co-op fees is dictated by the policies
of? - ANSWER-Local MLS rules and policies
The receipt of all compensation requires - ANSWER-Disclosure to
principal and consent by the principal.
RESPA prohibits the payment of.. - ANSWER-Kickbacks to
settlement service providers.
, 4|Page
The federal RESPA statute applies to.. - ANSWER-1-4 Unit
residential properties with a federally related loan.
What transactions do RESPA not apply to? - ANSWER-- Vacant
land transactions
- Cash transactions
- Seller financed transactions
- Commercial transactions
When a real estate brokerage has co-ownership of different
settlement service providers, it is called an - ANSWER-ABA
(affiliated business arrangement) or a CBA (controlled business
arangement)
ABAs and CBAs are permitted as long as there is - ANSWER--
Disclosure of the relationship
- Can't force the use
- Must disclose the fee's
