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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Which entity must brokers keep informed of their current firm name and address?

The local real estate council.
The state licensing board.
The national real estate association.
Their supervising agent.

The correct answer is: The state licensing board.

Brokers are required to keep the state licensing board informed of their current firm name and address to ensure compliance with regulatory standards and maintain their license in good standing. This information is crucial for maintaining accurate records within the state’s real estate regulatory framework. It also aids in the enforcement of laws and regulations governing real estate practice, enabling the board to effectively communicate any important updates or changes that may affect the broker's operations. Keeping the licensing board informed ensures that all legal and procedural requirements are met, thereby protecting both the broker and their clients.