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TN Timeshare Exam Practice Questions with 100% Correct Answers (Latest Update ) 103 Questions.
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TN Timeshare Exam Practice Questions with 100% Correct Answers (Latest Update ) 103 Q
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TN Timeshare Exam Practice Questions with 100% CorrectAnswers (Latest Update 2023-2024) 103 Questions
1. What is the Tennessee Real Estate Commission? - Correct Answer ✅Judicial
body of real estate industry in TN
2. Following discriminatory practice, you should make a complaint with ____
days. - Correct Answer ✅180
3. 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.
4. What is an acquisitions agent? - Correct Answer ✅Licensed and attempts
directly to encourage any person to attend a sales presentation for a
timeshare program
5. What is a purchaser? - Correct Answer ✅Anyone who buys timeshare
6. What is an exchange agent? - Correct Answer ✅An agent for an exchange
program
7. 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.
8. What is a person that sells more than 5 timeshares a year that are not their
own? - Correct Answer ✅Timeshare resale broker
9. What is a unit?` - Correct Answer ✅Real property improvements in a
project which is divided into timeshare program.
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, 10.What is a managing agent? - Correct Answer ✅Person with management
duties and responsibilities and obligations of a timeshare program
11.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
12.What should be included in the Public Offering Statement? - Correct
Answer ✅name of county where property is located
13.legal description of property
14.ID of time periods by letter, name and number
15.ID of timeshare estates and how many units can be a timeshare
16.Common expenses and voting rights
17.any restrictions on use occupancy alterations or alienation of timeshare
units
18.ownership interest/maintenance provisions/ replacement
19.____ must be provided to each purchaser of a timeshare. - Correct Answer
✅Public Offering statement
20.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.
21.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)
22.All licensees must have ___________ coverage. - Correct Answer ✅Errors
and Omissions
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