PSI Virginia Real Estate Practice Exam

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What should principal brokers do regarding changes in their firm's information?

They should inform the public orally.
Notify the board in writing within 30 calendar days.
Update their personal websites.
Post the changes in the office for clients to see.

The correct answer is: Notify the board in writing within 30 calendar days.

Principal brokers have a responsibility to ensure that all relevant information regarding their firm is accurate and up to date. Notifying the board in writing within 30 calendar days is crucial because it ensures that the regulatory body overseeing real estate practices is made aware of any changes that might affect the firm's operations or compliance. This method maintains a formal and documented communication channel with the board, which is important for compliance with local real estate laws and regulations. Furthermore, keeping the board informed allows for better oversight and management of real estate practices, contributing to the integrity of the industry as a whole. While other methods of communication, like oral notifications or posting changes within the office, may be helpful for immediate reference, they do not fulfill the legal obligation to formally update the governing body.