16. A licensee terminates his affiliation with a brokerage firm and secures his signed release form on August 15. On August 30, the licensee completes the change of affiliation form and mails it, via certified mail, to the Commission. Did the licensee follow CORRECT procedure?
Answer: C
No, the licensee should have mailed the change of affiliation form earlier, with the proper fee, so that it would have been received by the Commission by August 25.
The licensee did not follow the correct procedure because he mailed the change of affiliation form on August 30, which was after the required deadline for submission.
A) No. The principal broker should have been the one to complete the change of affiliation form and to submit the same to the Commission.
This option is incorrect because the responsibility for submitting the change of affiliation form lies with the licensee, not the principal broker. The licensee is required to handle their own paperwork for affiliation changes.
B) No. The licensee should have verbally notified the Commission of the termination the same day it occurred.
This option is incorrect as well; while timely communication is important, the formal procedure requires the submission of a change of affiliation form, which is the appropriate method of notifying the Commission.
C) No. The licensee should have mailed the change of affiliation form earlier, with the proper fee, so that it would have been received by the Commission by August 25.
This option is correct because the licensee's form was mailed too late. It needed to be submitted earlier to ensure it arrived by the specified deadline of August 25.
D) Yes. The licensee followed the correct procedure for change of affiliation.
This option is incorrect because the licensee did not adhere to the timeline required for submitting the change of affiliation form. Timely submission is crucial for compliance with the Commission's regulations.
Conclusion
The licensee failed to follow the necessary procedure by mailing the change of affiliation form after the deadline of August 25. All other options clarify aspects of the process but ultimately reinforce the need for timely submission, confirming that option C is the only correct choice. Proper compliance with submission deadlines is crucial in maintaining good standing with the Commission.