PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam with comprehensive quizzes. Study using flashcards and multiple-choice questions, complete with hints and explanations. Ace your exam with confidence!

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When must the termination of a principal broker be reported?

Within 24 hours
Within 1 day
Within 3 days
Within 7 days

The correct answer is: Within 3 days

The requirement to report the termination of a principal broker within 3 days is established to ensure that the real estate commission is kept informed about changes in the leadership and management of licensed real estate firms. Prompt reporting helps maintain accurate records and allows for the timely processing of any necessary paperwork and updates related to the licensure status of the broker. In real estate practice, this timeline is essential for maintaining compliance with state regulations. Reporting within 3 days ensures that any potential ramifications, such as license issues or legal responsibilities related to the business, can be addressed quickly. This requirement also reinforces the accountability and professionalism expected in the industry, ensuring that all parties are aware of who is authorized to act on behalf of the brokerage during that transition period. Timely reporting within this timeframe serves to protect the interests of clients, fellow agents, and the integrity of the real estate market in Virginia.