Montana Real Estate Unit 6(Timeshares) Questions with 100% Correct Answers | Latest Update | Verified
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Course
Montana Real Estate Unit 6
Institution
Montana Real Estate Unit 6
Denial, Suspension, or Revocation of License or Application - -false info in application
-failed to follow provisions/rules with timeshare business
-convicted of felony
-prohibited by court
-hasn't complied with board conditions or violates standards of practice
Selling/ transferring a time sh...
Denial, Suspension, or Revocation of License or Application - -false info in application
-failed to follow provisions/rules with timeshare business
-convicted of felony
-prohibited by court
-hasn't complied with board conditions or violates standards of practice
Selling/ transferring a time share - -must be registered with the state of Montana
-provide a prospective purchaser with a written public offering statement before the prospective
purchaser signs an agreement for the purchase of a timeshare
Registering a timeshare - -signed by developer with registration fee
--Developer must file a complete application as determined by the board
-financial statements showing financial condition of developer
-fees in excess of stated price per unit, with purpose and calculations
-copy of timeshare instruments and public offering statement
-consent signed by developer-amendment must be filed if changes in timeshare offering occur
Montana Timeshare Act - Title 37, Chapter 53
Timeshares include - structures, campgrounds, campsites, outdoor recreation sites, spaces for
trailer, tent, camper, or similar portable device
Cancelling timeshare purchase agreement - -Within 7 days following receipt of public offering
statement or signing of a timeshare purchase agreement, whichever is later
-will receive refund for any consideration paid
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