NC Post-Licensing 303 Updated Actual
Exam Question and Answer (2026/2027)
| Grade A+
• A Licensee can receive compensation that was earned WHEN - VIP -✓✓ the
license was current and active even if inactive of expired after
• A BIC may NOT pay a licensee's ENTITY -✓✓ unless the entity has a firm
license.
• A Licensee can share commission with parties BUT -✓✓ 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 -✓✓ 1) from the BIC
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 -✓✓ 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
Exam Question and Answer (2026/2027)
| Grade A+
• A Licensee can receive compensation that was earned WHEN - VIP -✓✓ the
license was current and active even if inactive of expired after
• A BIC may NOT pay a licensee's ENTITY -✓✓ unless the entity has a firm
license.
• A Licensee can share commission with parties BUT -✓✓ 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 -✓✓ 1) from the BIC
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 -✓✓ 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
