303 NC POST LICENSING EXAM NEWEST 2024 ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED
ANSWERS
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:
, 303 NC POST LICENSING EXAM NEWEST 2024 ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED
ANSWERS
- 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)
ANSWERS
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:
, 303 NC POST LICENSING EXAM NEWEST 2024 ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED
ANSWERS
- 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)
