PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam success!

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

Within 5 days
Within 10 days
Within 30 days
Within 60 days

The correct answer is: 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.