TN Timeshare Exam Practice Test Questions and Answers 2024 Graded A+

TN Timeshare Exam Practice Test Questions and Answers 2024 Graded A+ What is the Tennessee Real Estate Commission? - Answer ️️ -Judicial body of real estate industry in TN Following discriminatory practice, you should make a complaint with ____ days. - Answer ️️ - 180 What is a timeshare estate? - 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? - Answer ️️ -Licensed and attempts directly to encourage any person to attend a sales presentation for a timeshare program What is a purchaser? - Answer ️️ -Anyone who buys timeshare What is an exchange agent? - Answer ️️ -An agent for an exchange program What is a sales agent? - 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? - Answer ️️ - Timeshare resale broker What is a unit?` - Answer ️️ -Real property improvements in a project which is divided into timeshare program. What is a managing agent? - Answer ️️ -Person with management duties and responsibilities and obligations of a timeshare program What are timeshare units? (what can be a timeshare) - 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? - 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. - Answer ️️ -Public Offering statement When must you give a public offering statement? What is the exception? - 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? - 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. - Answer ️️ -Errors and Omissions In _________, the contract is voidable by the purchaser or the developer until he has received ___________. - 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? - Answer ️️ -10 days, 15 days In the Disclosure of Rescission Rights you may cancel a contract. It must be in boldface and conspicuous type in every _____ and every _____. - Answer ️️ -Public offering statement, contract for sale below signature Cancellation of contract is without penalty if they follow the disclosure of rescission rights. It must be refunded within ___ days after