TN Timeshare Exam Practice Test Questions and Answers 100% Solved correctly
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Course
TN Timeshare
Institution
TN Timeshare
When must you give a public offering statement? What is the exception? - ️️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 should be included in the Public Offering Statement...
TN Timeshare Exam Practice Test
When must you give a public offering statement? What is the exception? - ✔️✔️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 should be included in the Public Offering Statement? - ✔️✔️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
What is a person that sells more than 5 timeshares a year that are not their own? -
✔️✔️Timeshare resale broker
What is the Tennessee Real Estate Commission? - ✔️✔️Judicial body of real estate
industry in TN
Following discriminatory practice, you should make a complaint with ____ days. -
✔️✔️180
What is a timeshare estate? - ✔️✔️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? - ✔️✔️Licensed and attempts directly to encourage any
person to attend a sales presentation for a timeshare program
What is a purchaser? - ✔️✔️Anyone who buys timeshare
What is an exchange agent? - ✔️✔️An agent for an exchange program
What is a sales agent? - ✔️✔️Person acting as a seller of any Time Share contract
(only sell under specific time share developer) Anyone who sells timeshare.
What is a unit?` - ✔️✔️Real property improvements in a project which is divided into
timeshare program.
What is a managing agent? - ✔️✔️Person with management duties and responsibilities
and obligations of a timeshare program
, What are timeshare units? (what can be a timeshare) - ✔️✔️Anything can be a
timeshare unit unless expressly prohibited by project instruments or local governing
laws
____ must be provided to each purchaser of a timeshare. - ✔️✔️Public Offering
statement
What is an escrow of deposits? - ✔️✔️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. - ✔️✔️Errors and Omissions
In _________, the contract is voidable by the purchaser or the developer until he has
received ___________. - ✔️✔️Mutual rights of cancellation, Public offering statements
In how many days must you cancel if you had an onsite inspection? How many if you
didnt? - ✔️✔️10 days, 15 days
In the Disclosure of Rescission Rights you may cancel a contract. It must be in boldface
and conspicuous type in every _____ and every _____. - ✔️✔️Public offering
statement, contract for sale below signature
Cancellation of contract is without penalty if they follow the disclosure of rescission
rights. It must be refunded within ___ days after receipt of notice. - ✔️✔️30
True or False? Misleading advertising is unlawful? - ✔️✔️True
When can the commission issue a cease and desist order? - ✔️✔️If a developer has
not registered a timeshare program?
Prize or gift promotional offers are only okay under what two circumstances? -
✔️✔️Under sponsorship and with approval of firm with whom licensee is affiliated. And
in writing signed by licensee with disclosure of all pertinent details.
What cannot be paid to any person who does not have a real estate license? -
✔️✔️Case rebates, cash gits and cash prizes.
If for any reason a guest has not received their gifts within ____, they may be given the
gift or cash equivalent. - ✔️✔️72 hours
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