PSI Virginia Real Estate Practice Exam

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Prepare for the Virginia Real Estate Exam with our interactive quiz. Study using multiple choice and flashcards, complete with hints and detailed explanations. Ace your test with confidence!

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What is the maximum time allowed for brokers to inform the board of changes to their firm information?

15 calendar days.
30 calendar days.
60 calendar days.
90 calendar days.

The correct answer is: 30 calendar days.

Brokers are required to inform the board of any changes to their firm information within a maximum period of 30 calendar days. This regulation is in place to ensure that the board maintains up-to-date records for all licensed entities, which is critical not only for organizational transparency but also for regulatory compliance. Timely communication of such changes helps prevent any potential gaps in knowledge regarding the status of a brokerage, allowing for more efficient oversight and management of the real estate market. This stipulation is essential for upholding standards in the real estate profession and protecting the interests of consumers. Other time frames, whether shorter or longer, would not meet the regulatory requirements established for the maintenance of firm information.