NC Post Licensing - 303
Study online at https://quizlet.com/_9vpd1i
1. A Licensee may not is INACTIVE or EXPIRED
earn compensation
when there license -
VIP
2. A Licensee can re- the license was current and active even if inactive of expired after
ceive compensation
that was earned
WHEN - VIPterm-0
3. A BIC may NOT pay a unless the entity has a firm license.
licensee's ENTITY
4. A Licensee can share 1) Must be in writing - as part of the agreement
commission with par-
ties BUT 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)
5. Compensation AL- 1) from the BIC
WAYS flows through
the firm 2) NO payment directly by the firm
3) Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships
6. When Paying Non-Af- 1) Best Practice to put in writing - Not a Rule
filiated Brokers or
Firms 2) May pay referral fees to brokers in any state if person has a CURRENT
and ACTIVE license
, NC Post Licensing - 303
Study online at https://quizlet.com/_9vpd1i
3) DOCUMENTATION in broker's file:
- Written documentation regarding fee
- Proof of licensure
- Copy of a W9 for Brokerage Insurance or a 1099
7. When receiving Disclosure AND consent by Principal is REQUIRED
Bonuses & Incentives
8. RESPA Prohibits KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
9. RESPA STATUTE Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED LOAN
- ENFORCED BY HUD
10. RESPA does not apply 1) Vacant Land Transactions
to (VIP)
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
11. RESPA CO-OWNER- Also known as:
SHIP with differ-
ent settlement ser- - Affiliated Business Arrangements (ABAs)
vice providers
- Controlled Business Arrangements (CBAs)
These are permitted but 3 requirements:
Study online at https://quizlet.com/_9vpd1i
1. A Licensee may not is INACTIVE or EXPIRED
earn compensation
when there license -
VIP
2. A Licensee can re- the license was current and active even if inactive of expired after
ceive compensation
that was earned
WHEN - VIPterm-0
3. A BIC may NOT pay a unless the entity has a firm license.
licensee's ENTITY
4. A Licensee can share 1) Must be in writing - as part of the agreement
commission with par-
ties BUT 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)
5. Compensation AL- 1) from the BIC
WAYS flows through
the firm 2) NO payment directly by the firm
3) Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships
6. When Paying Non-Af- 1) Best Practice to put in writing - Not a Rule
filiated Brokers or
Firms 2) May pay referral fees to brokers in any state if person has a CURRENT
and ACTIVE license
, NC Post Licensing - 303
Study online at https://quizlet.com/_9vpd1i
3) DOCUMENTATION in broker's file:
- Written documentation regarding fee
- Proof of licensure
- Copy of a W9 for Brokerage Insurance or a 1099
7. When receiving Disclosure AND consent by Principal is REQUIRED
Bonuses & Incentives
8. RESPA Prohibits KICKBACKS to
Settlement Service Providers
- BANKS
- APPRAISAL COMPANIES
- TITLE OFFICERS
- ATTORNEYS
9. RESPA STATUTE Applies to:
- 1-4 units RESIDENTIAL PROPERTIES WITH A FEDERALLY RELATED LOAN
- ENFORCED BY HUD
10. RESPA does not apply 1) Vacant Land Transactions
to (VIP)
2) Cash Transactions
3) Seller Financed Transactions
) Commercial Transactions
11. RESPA CO-OWNER- Also known as:
SHIP with differ-
ent settlement ser- - Affiliated Business Arrangements (ABAs)
vice providers
- Controlled Business Arrangements (CBAs)
These are permitted but 3 requirements:
