What must be there for a contract to be valid? - ️️- Offer and acceptance
- value consideration
- competent parties
- legal purpose
- reality of consent (not on drugs or undue unfluence)
Who is the developer and can they be refused a license? - ️️The person or entity
which is in the b...
Tennessee Timeshare License Exam
What must be there for a contract to be valid? - ✔️✔️- Offer and acceptance
- value consideration
- competent parties
- legal purpose
- reality of consent (not on drugs or undue unfluence)
Who is the developer and can they be refused a license? - ✔️✔️The person or entity
which is in the business of creating or selling any timeshare program
In advertising, what does misleading mean? - ✔️✔️Any statement action or laim which
is untrue
What is an acquisition agent? - ✔️✔️People who solicit others to attend a presentation
When does your license expire? - ✔️✔️2 years from the date of issuance
What are the powers of the commission? - ✔️✔️The can fine you, suspend your
license, or refer you to court.
If your license is expired, how can you get reinstated? - ✔️✔️Retake the test
What is an escrow account? - ✔️✔️Deposit for purchase into a bank account
What is the project? - ✔️✔️The developement
What is an exchange agent? - ✔️✔️RCI
What can be a timeshare? - ✔️✔️Anything unless it is prohibited by other documents
What is a project instrument? - ✔️✔️All documents associated with the timeshare
If the property is not a timeshare, what is it? - ✔️✔️A rental or whole ownership
When do we present the public offering statement? - ✔️✔️The first thing in the closing,
it must contain the rescission statement in it.
What is the rescission/cancellation period in TN? - ✔️✔️10 or 15 days
How long does one have to submit a complaint if they feel they have been discriminated
against? - ✔️✔️180 days
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