NC POST LICENSING – 303 EXAM 2025
QUESTIONS AND 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
1 Copyright ©BRIGHSTARS ALL RIGHTS RESERVED 2025
, 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 - 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
2 Copyright ©BRIGHSTARS ALL RIGHTS RESERVED 2025
, RESPA does not apply to (VIP) - ANS 1) Vacant Land Transactions
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
RESPA CO-OWNERSHIP with different settlement service providers - ANS 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 - ANS Real Estate Licenses from forcing client or customer to use a
particular settlement service provider
Commercial Real Estate Lien Act says - ANS Lien May be placed on Commercial properties for
commercial service rendered in a sales or lease transaction
Commercial Real Estate Lien Requirements - ANS 1) Written Agreement specifying services
and compensation
3 Copyright ©BRIGHSTARS ALL RIGHTS RESERVED 2025
QUESTIONS AND 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
1 Copyright ©BRIGHSTARS ALL RIGHTS RESERVED 2025
, 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 - 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
2 Copyright ©BRIGHSTARS ALL RIGHTS RESERVED 2025
, RESPA does not apply to (VIP) - ANS 1) Vacant Land Transactions
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
RESPA CO-OWNERSHIP with different settlement service providers - ANS 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 - ANS Real Estate Licenses from forcing client or customer to use a
particular settlement service provider
Commercial Real Estate Lien Act says - ANS Lien May be placed on Commercial properties for
commercial service rendered in a sales or lease transaction
Commercial Real Estate Lien Requirements - ANS 1) Written Agreement specifying services
and compensation
3 Copyright ©BRIGHSTARS ALL RIGHTS RESERVED 2025
