NC Post Licensing – 303 ACTUAL PRACTICE EXAM
NEWEST EXAM WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS|| VERIFIED 100%
ALREADY GRADED A+
When Paying Non-Affiliated Brokers or Firms
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
Disclosure AND consent by Principal is REQUIRED
,RESPA Prohibits
KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE
Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED
LOAN
- ENFORCED BY HUD
RESPA does not apply to (VIP)
1) Vacant Land Transactions
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
, RESPA CO-OWNERSHIP with different settlement service providers
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
Real Estate Licenses from forcing client or customer to use a particular
settlement service provider
NEWEST EXAM WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS|| VERIFIED 100%
ALREADY GRADED A+
When Paying Non-Affiliated Brokers or Firms
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
Disclosure AND consent by Principal is REQUIRED
,RESPA Prohibits
KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
RESPA STATUTE
Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED
LOAN
- ENFORCED BY HUD
RESPA does not apply to (VIP)
1) Vacant Land Transactions
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
, RESPA CO-OWNERSHIP with different settlement service providers
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
Real Estate Licenses from forcing client or customer to use a particular
settlement service provider
