PSI Virginia Real Estate Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

Question: 1 / 400

How soon must a licensee report the termination of a salesperson or associate broker?

Within 5 days

Within 10 days

The requirement for a licensee to report the termination of a salesperson or associate broker within 10 days is set forth to ensure that the regulatory authority maintains accurate and up-to-date records of licensed individuals. Reporting within this timeframe allows the regulatory body to promptly update their records, ensuring that only active licensees appear on their lists.

Adhering to this timeframe also protects consumers by ensuring that those who no longer hold an active license are not misrepresented as agents or brokers and do not engage in real estate transactions. Quick reporting is crucial in a profession that relies heavily on trust and verifies the compliance of licensees with state regulations. This time-sensitive reporting requirement underscores the importance of maintaining a transparent and responsible real estate environment.

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Within 30 days

Within 60 days

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