Tennessee Timeshare Test 100% Pass

Tennessee Timeshare Test 100% Pass acquisition agent people who solicit others to attend a presentation license expire 2 years from the issued date powers of the commission can fine you, suspend your license, or refer you to court reinstatement for expired license retake the test escrow account deposit for purchase into a bank account developer person/entity in the business of creating or selling any timeshare program the project the development exchange agent RCl timeshare anything unless it is prohibited by other documents rental or whole ownership if the property is not a timeshare it is a public offering statement presentation first thing in the closing, must contain the rescission statement in it rescission/cancellation period in TN 10 or 15 days discrimination complaint 180 days to submit a broker license you must spend three years as an affiliate broker before you can apply for a errors and omission insurance all agents must have this to protect them against inadequate or negative actions license you can apply for up to 6 months for your I am who is responsible for renewing your license property value what doesn't have to be in the truth and lending statement/public offering statement misleading in advertising, any statement, action, or liam which is untrue 72 hours you give guests the gifts or cash equivalent if they haven't received their gifts after anything in writing what can be guaranteed to a purchaser tenants in common multiple owners anytime during business hours when can TREC request access to your office records purpose of TREC to protect the public DEEDS documents that are not contracts both buyer and seller who can void the contract during the rescission period voidable contract a contract that lacks enforceability ad placer and principal broker who is responsible for misleading advertising bankruptcy or moral issues what would keep a developer from obtaining a license a variety of discriminatory actions If your boss tells you to sell to women only, and you comply, what are you guilty of? during resale when is a public offering statement not required project before a timeshare is a timeshare, it is a prize you cannot indicate that a prospective tour has won a value of a gift you cannot misstate the truth of lending disclosure of everything related to a loan must be stated in a valid contract for a ------, you must have -an offer and acceptance -competent parties -legal purpose -reality of consent (not under the influence of drugs) $130 original license fee total (license and education and recovery fee) $80 renewal license fee prerequisites of licensing -honesty -60 hours of real estate edu -18 y/o -must apply for license within 6 months of passing exam -must not be on probation Tennessee Real Estate Commission 9 members: 3 from each grand division of state 7 real estate agents 2 from general public TREC powers they can fine you, suspend your license, send you to court, come in during any office hours and ask to see your records change your name or firm name duplicate license $10 fees transfer to new firm retire or reactivate license $25 fees change firms address $50 to registration fee for instate timeshare $100 governor for 5 years who picks the commissioners terms of service for commissioners executive director (4) commissioners of real estate commission (5) commissioner of TN Human Rights (6) timeshare estate estate in real property purchaser anyone who buys a timeshare sales agent person who sells timeshare unit real property improvements in a project which is divided into timeshare intervals timeshare units can be created in any unit unless expressly prohibited by project instruments or local governing laws public offering statement the -------- must include: -name of country -legal description -ID of time periods -ID of timeshare estates and how much -commons expenses -any restrictions on use, occupancy, alterations, or alienation of timeshare unit resident you must be a ----- of the state you are licensed with TREC indication of a price increase 6 months max for project instrument all documents associated with the timeshare license expiration 2 years from the date of issuance 10 days a complaint against a licensee must be answered within 10 days to cancel contract if the buyer is on site and sees property 15 days to cancel contract if the buyer is on side and does not see the property or buys the property off site 20 days either party may initiate civil action within 30 days the amount of time complaint/commission has to appeal ruling 60 days if civil action is taken, commission must act within 90 days hearing concerning discrimination must be within