Home Discussion Broker Compliance Quiz 1, Question 10

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  • Deanna Schlieve
    Participant
    Post count: 27

    No correct answer was provided, nor citation – could you provide both on this one?

    10. Question 1 point
    Mary, a licensed broker who is the qualifying member of a licensed partnership retires from the brokerage. Which of the following statements is correct?

    A. The broker has 180 days to replace Mary or the license will be revoked by operation of law.
    B. The broker has 120 days to replace Mary or the permit will be revoked by operation of law.
    C. The broker may not continue conducting Customs business since Mary was the only licensed partner.
    D. The broker must immediately give written notice to the Commissioner and to each port director where the broker is permitted.
    E. The broker has 120 days to replace Mary or the license will be suspended until a replacement is found. .

    Correct choice is: <MISSING>
    Explanation: CFR 111

    admin
    Keymaster
    Post count: 70

    Under 19 U.S. Code Part VI – Miscellaneous Provisions – 19 U.S. Code 1641 The failure of a customs broker that is licensed as a corporation, association, or partnership to have, for any continuous period of 120 days, at least one officer of the corporation or association, or at least one member of the partnership, validly licensed shall result in the revocation by operation of law of its license.

    Therefore answer choice B that the broker has 120 days to replace Mary or the permit will be revoked by operation of law is the correct answer.

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