What is the deadline for returning licenses to the board in cases of termination, closing a firm, or change of status?

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The proper timeframe for returning licenses to the board following instances such as termination, the closing of a firm, or a change of status is ten calendar days. This requirement is codified within Virginia real estate regulations to ensure that the board maintains accurate and current records of licenses in circulation.

The ten calendar day window is designed to protect the integrity of the real estate profession, ensuring that any change in status is promptly recorded and that no unauthorized activities take place under a license that is no longer active. This is particularly crucial for maintaining trust and accountability within the real estate industry.

It’s important to note that differing timeframes in the other options, whether based on business days or a longer calendar period, do not align with the regulations established by the Virginia real estate board. Specifically, business days often exclude weekends and holidays, which is not the case for the stipulated ten calendar days, making the correct answer more stringent in terms of the timeline for compliance.

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