Nevada Timeshare Licence Test Exam Questions and
Verified Answers.
How long is a TSA license valid for? - Correct Answer 2 years
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license
expire? - Correct Answer June 30, 2002
An applicant for an original timeshare license must provide? - Correct Answer An
application, certificates for passing the examination and for completing the 14-hour pre-
licensing course, and $200
If a timeshare agent is served notice that the division has filed charges against him/her,
he/she has how many days in which to file with the Division and answer to the charges?
- Correct Answer 30 days
The developer may NOT make a material change in the timeshare plan without giving
the division at LEAST how many days' notice? - Correct Answer 10 days
Which of the following is NOT necessary to form a contract? - Correct Answer
performance
The essential parts of a written contract include? - Correct Answer competent parties,
mutual consent, consideration, and legal obligation
Which of the following statements MUST be printed above the purchaser's signature
line in each contract for the sale of a timeshare? - Correct Answer Both A and B
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - Correct Answer Non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - Correct
Answer Buy it from an existing owner
MOST timeshare units are sold on credit. These lending arrangements MUST comply
with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation
Z, as applied to timeshare sales, is to assure: - Correct Answer Full disclosure of all the
financing cost and charges
The Federal reserves board's Regulation Z is applicable to all of the following? - Correct
Answer All of the above (Fees, right to use, campsite membership)
Financing of individual units sales is the most often provided by? - Correct Answer The
developer
, Anyone purchasing timeshare MUST - Correct Answer sign a written contract
After a purchaser has signed the timeshare purchase agreement, the purchaser may -
Correct Answer Cancel the agreement at any time in the next 5 days
it is discovered that the title of a project is "unmerchantable" because an easement has
been found which may NOT be removed. What should a timeshare agent do? - Correct
Answer Not to attempt to sell a unit where the title iss unmerchantable
Ted and Alice have arrived at their timeshare resort and produce the confirmed
reservation for a unit they are informed that the unit is NOT available. Ted goes through
the roof, but Alice has read up on Timeshare Owner's Rights in Nevada. She listens
politely to the apologies of the desk clerk and then demands to see the representative of
the owner's association, if there is no representative, then the developer. Alice knows
that they are entitled to all of the following EXCEPT? - Correct Answer A full refund of
their purchase price
Which of the following is NOT commingling? - Correct Answer Placing the customer's
deposit in your wallet temporarily until you turn it over to the broker or sales manager
Failure to turn over the money received in the course of a timeshare interval sale within
a reasonable time is a violation of - Correct Answer NRS 119A
The real-estate division is considered? - Correct Answer an administrative unit of state
government
How often is a timeshare agent REQUIRED to complete continuing education? - Correct
Answer Every 24 months
The Nevada regulations governing Public Offering Statement in timeshare sales are
very specific. One such rule covers a project's Public Offering Statement warning
message. Which statement is true? - Correct Answer The warning message must be
printed in red
In an agency relationship - Correct Answer an agent must disclose material facts to
prospective purchaser.
The Duties owed by a nevada real estate licensee - Correct Answer must be given to
each prospective purchaser before any contract is signed.
Which of the following is NOT required for a contract document? - Correct Answer None
of the above (Written in easily understandable terms, consistent with information
provided in solicitations, and available for consumers to review at the time of sale before
signing)
Who approves the public offering statement? - Correct Answer The administrator
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