North Carolina License LawIntermediateNorth Carolina Exam
Under NC license law, a real estate broker may pay a referral fee to a person who referred a buyer or seller to the broker if:
AThe referring person holds a NC real estate licenseCorrect
BThe payment is disclosed to all parties
CSimply that the referral fee is under $500, an incorrect dollar-based exception to North Carolina's actual licensed-party referral fee rule
DThe referral was for a commercial transaction only
Why The referring person holds a NC real estate license Is Correct
Answer A: The referring person holds a NC real estate license
In NC, referral fees or finders' fees may be paid by a real estate broker to another person only if that person holds a NC real estate license. Paying referral fees to unlicensed persons is prohibited.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
State-Specific Concepts
License Law
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