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NC Post-Licensing 303 Exam newest with 200 accurate and verified questions covering agent relationships and responsibilities, contract law, license status, and North Carolina real estate regulations.
Question :A Licensee may not earn compensation when
there license
Correct answer:is INACTIVE or EXPIRED
Question :A Licensee can receive compensation that was
earned WHEN
Correct answer:the license was current and active even if
inactive of expired after
Question :A BIC may NOT pay a licensee's ENTITY
Correct answer:unless the entity has a firm license.
Question :A Licensee can share commission with parties
BUT
Correct answer:1) Must be in writing - as part of the
agreement
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Must be subject to Lender Approval in case of loans
Disclosed on the Closing Disclosure
Is considered a gift
Only with principal or client (not others)
Question :Compensation ALWAYS flows through the
firm
Correct answer:1) from the BIC
NO payment directly by the firm
Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships
Question :When Paying Non-Affiliated Brokers or Firms
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Correct answer:1) Best Practice to put in writing - Not a
Rule
May pay referral fees to brokers in any state if person has a CURRENT and ACTIVE license
DOCUMENTATION in broker's file:
Written documentation regarding fee
Proof of licensure
Copy of a W9 for Brokerage Insurance or a 1099
Question :When receiving Bonuses & Incentives
Correct answer:Disclosure AND consent by Principal is
REQUIRED
Question :RESPA Prohibits
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Correct answer:KICKBACKS to
Settlement Service Providers
BANKS
APPRAISAL COMPANIES
TITLE OFFICERS
ATTORNEYS
Question :RESPA STATUTE
Correct answer:Applies to:
1-4 units RESIDENTIAL PROPERTIES WITH A