Tennessee Real Estate Practice Exam

What must a licensee submit to terminate affiliation with a firm?

1. A verbal notice

2. A completed transfer, release, and change of status form

3. An email confirmation

4. A resignation letter

The correct answer is: A completed transfer, release, and change of status form

To terminate affiliation with a firm, a licensee must submit a completed transfer, release, and change of status form. This requirement is in place to ensure that there is a formal and documented process for ending the professional relationship between the licensee and the firm. This form serves multiple purposes: it provides official notice to the firm of the licensee's intent to leave, helps to protect the interests of both parties, and ensures compliance with state regulations governing real estate licensure. Submitting a verbal notice, an email, or a resignation letter may not provide the necessary legal documentation needed to effectuate the termination properly. Relying on verbal communication can lead to misunderstandings, and electronic communications may not be considered valid depending on the firm's policies. The completion of the designated form is a standardized procedure that ensures that all necessary steps are taken per the regulations set forth by the licensing authority, facilitating a smooth transition for both the licensee and the firm.