Exam (elaborations)
Montana Real Estate Unit 6(Timeshares); Questions with Complete Solutions
- Course
- Institution
Montana Real Estate Unit 6(Timeshares); Questions with Complete Solutions
[Show more]
Content preview
Montana Real Estate Unit 6(Timeshares); Questionswith Complete Solutions
Montana Timeshare Act Correct Ans-Title 37, Chapter 53
Timeshares include Correct Ans-structures, campgrounds, campsites, outdoor recreation
sites, spaces for trailer, tent, camper, or similar portable device
Selling/ transferring a time share Correct Ans--must be registered with the state of
Montana
-provide a prospective purchaser with a written public offering statement before the
prospective purchaser signs an agreement for the purchase of a timeshare
Cancelling timeshare purchase agreement Correct Ans--Within 7 days following receipt of
public offering statement or signing of a timeshare purchase agreement, whichever is later
-will receive refund for any consideration paid
-if purchaser doesn't receive public offering statement then the agreement is voidable up until
and after for 7 days
Registering a timeshare Correct Ans--signed by developer with registration fee
, Montana Real Estate Unit 6(Timeshares); Questions
with Complete Solutions
--Developer must file a complete application as determined by the board
-financial statements showing financial condition of developer
-fees in excess of stated price per unit, with purpose and calculations
-copy of timeshare instruments and public offering statement
-consent signed by developer-amendment must be filed if changes in timeshare offering occur
Exemptions from registering a timeshare Correct Ans--An offer of not more than two
timeshare interests by a timeshare owner in a 12-month period
-A gratuitous transfer of a timeshare interest
-A sale under court order
-A sale by any government or governmental agency
-A sale by forfeiture, foreclosure, or deed in lieu of foreclosure
Timeshare salesperson has what requirements? Correct Ans--same as broker
-must notify board if leaving timeshare project to deactivate license
-privately owned timeshares can be sold by real estate agent as long as all party's consent
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamRoom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now