Time Share Agent Prep Questions And Answers

Time Share Agent Prep Questions And Answers Administrator - ANS The Real Estate Administrator Affiliate of the developer - ANS Means any person who controls, is controlled by or is under common control with a developer, including a person who 1. Is a general partner, officer, director or employer of the developer. 2. Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with the power to vote , or hold proxies representing more than 20% of the voting interest in the developer. 3. Controls the election of the majority of the directors of the developer or 4. Has contributed more than 20% of the capital of the developer. Board - ANS means the governing body designated in a timeshare instrument to act on behalf of any association Common area - ANS Means the portion of a Timeshare project available to all units and occupancy ; the term Includes any easement which benefits the project Component site - ANS means that specific geographic location where units that are part of a timeshare plan are located. That term includes units added to a single project in the same specific geographic location and under common management Division - ANS means the Real Estate Division of the Department of Business and Industry. Limited common area - ANS means a portion of Timeshare project available to at least one ,but not all , a timeshare instrument for the exclusive use of at least one, but not all of the units in a project Manager - ANS means a person who undertakes directly or indirectly the duties responsibilities and obligations of managing in whole or in part a timeshare plan or Project or both in accordance with an agreement entered into pursuant NRS at 1:19A Material change - ANS mean a change in any information or document that is part of the statement of record which renders the statement of record in accurate, incomplete or missing leading in such a way as to adversely affect the right or application of a purchaser. The term does not include a change A.in the real estate tax assessment or rate utility charges Or, deposit, maintenance fee, Association dues assessments, special assessment or any reoccurring timeshare expense item, if the change is made now immediately to B. which is an aspect or result of the orderly development of the timeshare plan in accordance with the timeshare instrument if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement. C. Which correct spelling, grammar, omissions or other similar errors Yeah which does not affect the substance of the information or a document or D. Which occurs in the issuance of the updated annual report or disclosure document up and exchange company Project - ANS means the real property which in whole or in part is the subject to a timeshare plan. Used interchangeably with Resort Persons - ANS includes a government, a governmental agency and a political subdivision of government.