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NC Post Licensing - 303 Questions and
Correct Answers
A Licensee may not earn compensation when there license - VIP
Ans: — is INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN -
VIPterm-0 Ans: — the license was current and active even if
inactive of expired after
A BIC may NOT pay a licensee's ENTITY Ans: — unless the entity
has a firm license.
A Licensee can share commission with parties BUT Ans: — 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 Ans: — 1) from the
BIC
2) NO payment directly by the firm
3) Brokers MAY NOT pay brokers directly except a SOLE
PROPrietorships
© 2025 All rights reserved
, 2 | Page
When Paying Non-Affiliated Brokers or Firms Ans: — 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 Ans: — Disclosure AND
consent by Principal is REQUIRED
RESPA Prohibits Ans: — KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE Ans: — Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY
RELATED LOAN
- ENFORCED BY HUD
RESPA does not apply to (VIP) Ans: — 1) Vacant Land Transactions
2) Cash Transactions
© 2025 All rights reserved
NC Post Licensing - 303 Questions and
Correct Answers
A Licensee may not earn compensation when there license - VIP
Ans: — is INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN -
VIPterm-0 Ans: — the license was current and active even if
inactive of expired after
A BIC may NOT pay a licensee's ENTITY Ans: — unless the entity
has a firm license.
A Licensee can share commission with parties BUT Ans: — 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 Ans: — 1) from the
BIC
2) NO payment directly by the firm
3) Brokers MAY NOT pay brokers directly except a SOLE
PROPrietorships
© 2025 All rights reserved
, 2 | Page
When Paying Non-Affiliated Brokers or Firms Ans: — 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 Ans: — Disclosure AND
consent by Principal is REQUIRED
RESPA Prohibits Ans: — KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE Ans: — Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY
RELATED LOAN
- ENFORCED BY HUD
RESPA does not apply to (VIP) Ans: — 1) Vacant Land Transactions
2) Cash Transactions
© 2025 All rights reserved
