Exam (elaborations)
TN Timeshare Exam Practice Questions and Complete Solutions Graded A+
- Course
- Institution
TN Timeshare Exam Practice Questions and Complete Solutions Graded A+
[Show more]
Content preview
TN Timeshare ExamPractice Questions and
Complete Solutions
Graded A+
What is the Tennessee Real Estate Commission? - Answer: Judicial body of real estate industry in TN
Following discriminatory practice, you should make a complaint with ____ days. - Answer: 180
What is a timeshare estate? - Answer: Ownership or leasehold estate in property devoted to a timeshare
fee, tenants in common, time span ownership, interval ownership, and a time share lease.
What is an acquisitions agent? - Answer: Licensed and attempts directly to encourage any person to
attend a sales presentation for a timeshare program
What is a purchaser? - Answer: Anyone who buys timeshare
What is an exchange agent? - Answer: An agent for an exchange program
What is a sales agent? - Answer: Person acting as a seller of any Time Share contract (only sell under
specific time share developer) Anyone who sells timeshare.
What is a person that sells more than 5 timeshares a year that are not their own? - Answer: Timeshare
resale broker
, What is a unit?` - Answer: Real property improvements in a project which is divided into timeshare
program.
What is a managing agent? - Answer: Person with management duties and responsibilities and
obligations of a timeshare program
What are timeshare units? (what can be a timeshare) - Answer: Anything can be a timeshare unit unless
expressly prohibited by project instruments or local governing laws
What should be included in the Public Offering Statement? - Answer: name of county where property is
located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of timeshare units
ownership interest/maintenance provisions/ replacement
____ must be provided to each purchaser of a timeshare. - Answer: Public Offering statement
When must you give a public offering statement? What is the exception? - Answer: Must be provided to
each purchaser of a timeshare . EXCEPTION: developer was registered and POS was provided to a
purchaser under Security and Exchange act etc.
What is an escrow of deposits? - Answer: When purchaser gives deposit money it is placed in an account
of an independent escrow company and held 100% during cancellation period. (must be insured)
All licensees must have ___________ coverage. - Answer: Errors and Omissions
In _________, the contract is voidable by the purchaser or the developer until he has received
___________. - Answer: Mutual rights of cancellation, Public offering statements
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
