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Timeshare Test -3 Questions and Complete Solutions Graded A+
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Timeshare Test -3 Questions and Complete Solutions Graded A+
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Timeshare Test #3Questions and Complete
Solutions Graded A+
"Unit" as used in NRS 119A means:
a. A lot of any size
b. The total timeshare unit
c. That portion of a project which is designated for separate use
d. A tract of land consisting of 15 acres or more - Answer: That portion of a project which is designated
for separate use
A timeshare resort having both whole unit owners and timeshare interest owners is referred to as:
a. vacation destination resort
b. tenancy in severalty resort
c. timeshare trust
d. mixed used resort - Answer: mixed used resort
In Nevada a licensee who acts as an agent in a real estate transaction must disclose the duties owned to
each party to the Real Estate transaction. The intent of the law is to:
a. inform the parties of their legal rights
b. inform the parties of the licensee's obligation to each of the parties under the timeshare contract
c. inform the prospective purchaser of the duties owned by the developer
d. both A & B - Answer: inform the parties of the licensee's obligation to each of the parties under the
timeshare contract
, If a preliminary permit is issued to a timeshare developer which conditions must be met?
a. the developer must deliver a bond or cash deposit to cover completion
b. developer assures all deposits are refundable
c. the permit must contain the estimated date of completion
d. All of the above conditions must be satisfied - Answer: d. All of the above conditions must be satisfied
The term "Floating Time" refers to:
a. an exchange program
b. a non-specific use period within a season or broader time period
c. maritime timesharing
d. right to use - Answer: b. a non-specific use period within a season or broader time period
A timeshare deed is always subject to:
a. approval of the Administrator
b. a declaration
c. a financing statement
d. a mortgage - Answer: a. approval of the Administrator
The name of the state mandated disclosure document required to be provided to a prospective
purchaser to purchase a timeshare is:
a. Public Offering Statement
b. Timeshare Instrument
c. Nevada Statement of Record
d. Public Report Statement - Answer: a. Public Offering Statement
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