TN Timeshare Exam Practice UPDATED Actual Questions and CORRECT Answers
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Course
TN TIMESHARE
Institution
TN TIMESHARE
TN Timeshare Exam Practice UPDATED
Actual Questions and CORRECT Answers
What is the Tennessee Real Estate Commission? - CORRECT ANSWER- Judicial body
of real estate industry in TN
Following discriminatory practice, you should make a complaint with ____ days. -
CORRECT ANSWER- 180
TN Timeshare Exam Practice UPDATED
Actual Questions and CORRECT Answers
What is the Tennessee Real Estate Commission? - CORRECT ANSWER✔✔- Judicial body
of real estate industry in TN
Following discriminatory practice, you should make a complaint with ____ days. -
CORRECT ANSWER✔✔- 180
What is a timeshare estate? - CORRECT ANSWER✔✔- Ownership or leasehold estate in
property devoted to a timeshare fee, tenants in common, time span ownership, interval
ownership, and a time share lease.
What is an acquisitions agent? - CORRECT ANSWER✔✔- Licensed and attempts directly
to encourage any person to attend a sales presentation for a timeshare program
What is a purchaser? - CORRECT ANSWER✔✔- Anyone who buys timeshare
What is an exchange agent? - CORRECT ANSWER✔✔- An agent for an exchange program
What is a sales agent? - CORRECT ANSWER✔✔- Person acting as a seller of any Time
Share contract (only sell under specific time share developer) Anyone who sells timeshare.
What is a person that sells more than 5 timeshares a year that are not their own? - CORRECT
ANSWER✔✔- Timeshare resale broker
What is a unit?` - CORRECT ANSWER✔✔- Real property improvements in a project which
is divided into timeshare program.
What is a managing agent? - CORRECT ANSWER✔✔- Person with management duties and
responsibilities and obligations of a timeshare program
, What are timeshare units? (what can be a timeshare) - CORRECT ANSWER✔✔- Anything
can be a timeshare unit unless expressly prohibited by project instruments or local governing
laws
What should be included in the Public Offering Statement? - CORRECT ANSWER✔✔-
name of county where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of timeshare units
ownership interest/maintenance provisions/ replacement
____ must be provided to each purchaser of a timeshare. - CORRECT ANSWER✔✔- Public
Offering statement
When must you give a public offering statement? What is the exception? - CORRECT
ANSWER✔✔- Must be provided to each purchaser of a timeshare . EXCEPTION:
developer was registered and POS was provided to a purchaser under Security and Exchange
act etc.
What is an escrow of deposits? - CORRECT ANSWER✔✔- When purchaser gives deposit
money it is placed in an account of an independent escrow company and held 100% during
cancellation period. (must be insured)
All licensees must have ___________ coverage. - CORRECT ANSWER✔✔- Errors and
Omissions
In _________, the contract is voidable by the purchaser or the developer until he has received
___________. - CORRECT ANSWER✔✔- Mutual rights of cancellation, Public offering
statements
In how many days must you cancel if you had an onsite inspection? How many if you didnt?
- CORRECT ANSWER✔✔- 10 days, 15 days
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