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Timeshare Test -1 Questions and Complete Solutions Graded A+
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Timeshare Test -1 Questions and Complete Solutions Graded A+
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Timeshare Test #1 Questions andComplete Solutions Graded A+
An owner who has a leasehold in a timeshare condominium has:
A. Whole ownership
B. Fee simple ownership
C. Interval of time
D. Cooperative - Answer: C. Interval of time
A timeshare agent is a person who is
A. Project Broker
B. Person who sells timeshares on behalf of a developer
C. Person who induces others to attend a timeshare presentation - Answer: B. Person who sells
timeshares on behalf of a developer
Until closing, all monies, negotiable instruments or other deposits pertaining to the sale of a timeshare
must be placed in:
A. An escrow agent account approved by the Division
B. A trustee account approved by the Division
C. Brokers personal bank account
D. Brokers trust account - Answer: A. An escrow agent account approved by the Division
Which document must be reviewed and signed by the purchaser before the execution of any contract
for the sale of the timeshare:
A. Truth in Lending
, B. Public offering Statement
C. Acknowledgments
D. Purchase agreement - Answer: B. Public offering Statement
A right to use timeshare project offers the purchaser of a timeshare interest:
A. Fee simple interest
B. Membership in a club
C. Tenancy in common
D. Joint tenancy - Answer: B. Membership in a club
Developers must comply with laws from what government agency? - Answer: Federal, City, and State
A state in NRS 119A.120 who is defined as a representative? - Answer: A person who is not a sales agent
but who on behalf of developer induces other persons to attend a sales presentation
Who or what below is not included in the definition of a "Person" as stated in NRS 119A.070?
A. A government
B. A purchaser
C. A government agency
D. A political subdivision of a government - Answer: B. A purchaser
As stated in NRS 119A.370 a timeshare must not be offered for sale in this state until the advertisement
or offering is approved by the division
A. True.
B. False. - Answer: A. True
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