1
NC 303 /NC POST LICENSING - 303 |
UPDATE|COMPREHENSIVE FREQUENT
MOST-TESTED QUESTIONS AND
VERIFIED ANSWERS/SOLUTIONS|GET IT
100% ACCURATE!!
A Licensee may not earn compensation when there license - VIP - (ANSWER)is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN - VIP -
(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
,2
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
, 3
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)
NC 303 /NC POST LICENSING - 303 |
UPDATE|COMPREHENSIVE FREQUENT
MOST-TESTED QUESTIONS AND
VERIFIED ANSWERS/SOLUTIONS|GET IT
100% ACCURATE!!
A Licensee may not earn compensation when there license - VIP - (ANSWER)is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN - VIP -
(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
,2
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
, 3
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)
