A broker's association with a managing broker is terminated. The managing broker must return the broker's license to the commission within what period of time?

When a broker's association with a managing broker is terminated, it is crucial for the managing broker to adhere to regulatory requirements regarding the handling of the broker's license. The correct response indicates that the managing broker must return the broker's license to the commission within 5 business days. This timeframe is established to ensure that the license status is updated promptly, which helps maintain the integrity of licensing records and ensures compliance with state regulations governing real estate practices.

Returning the license within this specified period is essential for both professional accountability and regulatory compliance, as it prevents potential misuse of the license and helps protect the public by ensuring that only licensed professionals are permitted to engage in real estate activities. Keeping this timeframe in mind is important for real estate professionals navigating the complexities of license management and transitions.