303 NC POST LICENSING EXAM ACTUAL EXAM
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS BEST AND NEWEST
ACTUAL EXAM /GRADED A+
A Licensee may not earn compensation when there license - VIP - ANSWER is
INACTIVE or EXPIRED
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)
- 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 - ANSWER Real Estate Licenses from forcing client or customer to
use a particular settlement service provider
Commercial Real Estate Lien Act says - ANSWER Lien May be placed on Commercial
properties for commercial service rendered in a sales or lease transaction
Commercial Real Estate Lien Requirements - ANSWER 1) Written Agreement
specifying services and compensation
2) Must be a listing agent to file
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS BEST AND NEWEST
ACTUAL EXAM /GRADED A+
A Licensee may not earn compensation when there license - VIP - ANSWER is
INACTIVE or EXPIRED
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)
- 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 - ANSWER Real Estate Licenses from forcing client or customer to
use a particular settlement service provider
Commercial Real Estate Lien Act says - ANSWER Lien May be placed on Commercial
properties for commercial service rendered in a sales or lease transaction
Commercial Real Estate Lien Requirements - ANSWER 1) Written Agreement
specifying services and compensation
2) Must be a listing agent to file
