If a broker fails to report a change of address within the required timeframe, what is the penalty?

• A. $100 fine
• B. $1,000 fine
• C. $500 fine
• D. No penalty.

Answer: (C)

Keeping your address on file current with the licensing authority is part of maintaining your license. When a broker fails to report a change of address within the required timeframe, the regulator imposes a civil penalty of $500. This penalty serves as a concrete reminder to comply promptly with reporting duties so important notices, including disciplinary actions, can reach the licensee. The other amounts aren’t the standard penalty for this specific violation, and there is indeed a penalty, so “no penalty” isn’t correct.