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NC POST LICENSING 303 EXAM
2025/2026 QUESTIONS AND
ANSWERS 100% PASS
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
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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
RESPA does not apply to (VIP) ...Ans 1) Vacant Land Transactions
NC POST LICENSING 303 EXAM
2025/2026 QUESTIONS AND
ANSWERS 100% PASS
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
, Page |2
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
RESPA does not apply to (VIP) ...Ans 1) Vacant Land Transactions
