Tennessee Timeshare License UPDATED Exam Questions and CORRECT Answers
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Course
Tennessee Timeshare License
Institution
Tennessee Timeshare License
Tennessee Timeshare License UPDATED
Exam Questions and CORRECT Answers
What is an acquisition agent? - CORRECT ANSWER- People who solicit others to attend a
presentation
When does your license expire? - CORRECT ANSWER- 2 years from the date of issuance
What are the powers of the commission? ...
Tennessee Timeshare License UPDATED
Exam Questions and CORRECT Answers
What is an acquisition agent? - CORRECT ANSWER- People who solicit others to attend a
presentation
When does your license expire? - CORRECT ANSWER- 2 years from the date of issuance
What are the powers of the commission? - CORRECT ANSWER- The can fine you, suspend
your license, or refer you to court.
If your license is expired, how can you get reinstated? - CORRECT ANSWER- Retake the
test
What is an escrow account? - CORRECT ANSWER- Deposit for purchase into a bank
account
Who is the developer and can they be refused a license? - CORRECT ANSWER- The person
or entity which is in the business of creating or selling any timeshare program
What is the project? - CORRECT ANSWER- The developement
What is an exchange agent? - CORRECT ANSWER- RCI
What can be a timeshare? - CORRECT ANSWER- Anything unless it is prohibited by other
documents
What is a project instrument? - CORRECT ANSWER- All documents associated with the
timeshare
If the property is not a timeshare, what is it? - CORRECT ANSWER- A rental or whole
ownership
, When do we present the public offering statement? - CORRECT ANSWER- The first thing in
the closing, it must contain the rescission statement in it.
What is the rescission/cancellation period in TN? - CORRECT ANSWER- 10 or 15 days
How long does one have to submit a complaint if they feel they have been discriminated
against? - CORRECT ANSWER- 180 days
How long do you have to spend as an affiliate broker before you can apply for a broker
license? - CORRECT ANSWER- Three Years
What is errors and ommision insurance? Who has to have it? - CORRECT ANSWER- All
agents must have insurance to protect them against inadequate or negative actions
How long after passing your test can you apply for your license? - CORRECT ANSWER- 6
months
Who is responsible to renew your license? - CORRECT ANSWER- I am
What does not have to be in the Truth and Lending Statement? - CORRECT ANSWER-
Property Value
In advertising, what does misleading mean? - CORRECT ANSWER- Any statement action or
laim which is untrue
What can you do if a guest does not have their gifts after 72 hours?? - CORRECT ANSWER-
Give them the gifts or the cash equivalent
What can be guaranteed to a purchaser? - CORRECT ANSWER- Anything in writing
What are multiple owners called? - CORRECT ANSWER- Tenants in common
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