Tn Timeshare Licensing Study Guide 2024 with complete solution

Tn Timeshare Licensing Study Guide 2024 with complete solution TREC (Tennessee Real Estate Commissions) - answera judicial body of the real estate industry Who makes up TREC? - answer9 members: 3 from each division of state, 7 from real estate industry, 2 from general public. (vacancy filled by current governor) Requirements to get licensed? - answer-18 y/o -70% on test -must have errors and omissions insurance -30 hours of training in fundamentals of timeshare When does a license expire? - answertwo years from the issue date, every other year thereafter what is a TREC 1 form? - answerform used by nearly all business with commission is conducted after licensing. Truth in Lending Act - answerPurpose: to disclose all facts in a lending transaction such as; -amount & term of loan -interest rate -total of payments -the total cost of product with down payment -cost, discount, prepayment penalty, wether there is or is not a chance of the rate increasing what is needed for a legal contract? - answer- offer an acceptance - consideration- value/money - competent parties - reality of consent (no fraud/misrepresentation) when one of these is missing contract is voidable how long does a licensee have to answer a complaint? - answer10 days if customer see the timeshare and buys, how long do they have to cancel? - answer10 days