Exam (elaborations)
MISSISSIPPI PRACTICE & REAL EXAM QUESTIONS AND ANSWERS
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MISSISSIPPI PRACTICE & REAL EXAM QUESTIONS AND ANSWERS
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1-86 of 86Which of the following shall act in the capacity of fiduciary to the purchasers of the
timeshare plans?
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* The management entity
The president of the timeshare association
A timeshare owner appointed by the other owners
The developer
,All amendments, supplements and changes to the public offering statement shall be
filed with and approved by the:
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* Commission
Timeshare Association
Timeshare Licensing Committee
Timeshare Board of Directors
Each property disclosure required to be made by the license law is required to be:
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* in good faith
in bad faith
verbal
complex, in order to protect the buyer
MISC: The best definition of a master plan is
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* a fusion of land use laws and local land use objectives and strategies.
an annual review of all land use permits and zones.
a comprehensive analysis of existing land use patterns in a market.
a state or regional land use law requiring compliance on a county-by-
county basis.
,How long must an applicant who has failed the salesperson's exam twice wait before
being allowed to re-take the exam again?
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* 3 months from the date of the last testing
1 month from the date of the last testing
2 weeks from the date of the last testing
6 weeks from the date of the last testing
Duties of the timeshare management entity include all of the following, EXCEPT:
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* Making predictions of increases in the price or value of timeshare
periods
Preparing an itemized annual operating and reserve budget
The assessment and collection of funds for common expenses
Maintaining appropriate insurance
The term "assessment" means:
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, * The share of funds required for the payment of common expenses that
are assessed from time to time against each timeshare interest owner by
the managing entity
The amounts to be paid by a purchaser as the result of an optional renewal
of a timeshare interest
The amount needed for a down payment on a timeshare plan
The amount refunded if a purchaser decides to terminate a timeshare
interest
Which of the following describes an exchange program?
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*Any method, arrangement, or procedure for the voluntary exchange of
timeshare interests or other property interests
The involuntary exchange of timeshare interests
The arrangement which purchasers are required to utilize in order to
reserve the use and occupancy of accommodations in a timeshare plan
A solicitation of purchasers to participate in a timeshare plan
The developer shall create or provide for a managing entity, which may be the
developer, a separate management firm, or an owner's association, or some
combination thereof:
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* before the first sale of a timeshare period
within 5 days after the first sale of a timeshare period
within 7 days after the first sale of a timeshare period
within 10 days after the first sale of a timeshare period
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