Timeshare terms - Study guides, Class notes & Summaries

Timeshare Terms

What's the difference between an addendum and an amendment? An addendum needs to be signed by all affected parties, but an amendment does not. An addendum is attached to a contract to create additional terms, and an amendment changes the terms within an existing contract. All contracts require amendments, but not all contracts require addenda. TREC promulgates amendments but does not promulgate addenda. correct answersAn addendum is attached to a contract to create additional terms, and an ...

When a land owner uses his land as security for a loan, the encumbrances created is called ? - Answer : Mortgage lien If an owner wants to list a property for sale "as is" the listing agent should - Answer : Question the seller to any known defects According to the New Jersey real estate timeshare act, if a licensee is selling a timeshare located within the state of New Jersey all of the following are true EXCEPT that the ? - Answer : Licensee must hold a timeshare license Can a New Jer...

When a land owner uses his land as security for a loan, the encumbrances created is called ? - Answer : Mortgage lien If an owner wants to list a property for sale "as is" the listing agent should - Answer : Question the seller to any known defects According to the New Jersey real estate timeshare act, if a licensee is selling a timeshare located within the state of New Jersey all of the following are true EXCEPT that the ? - Answer : Licensee must hold a timeshare license Can a New Jer...

ARKANSAS RE State Exam Latest 2024 Already Passed As a licensee, you'll have several tasks you must perform for your buyer client. One of these tasks is to review transaction documents with the buyer, clarifying anything that could be confusing, without stepping outside the scope of your license Wyatt is a licensed broker and an appointed member of the Arkansas real estate commission. All of the following are a part of his duties and responsibilities as a member of the commission EXCEPT inves...

Utah Law Exam (Stringham) Questions and Answers Already Graded A A sales agent who offers a guarantee that if the listing does not sell within six months the agent will buy the listing, must also: (a) A licensee is convicted of a criminal offense. (b) Provide a bond to back the guarantee. (c) Provide complete written details of the guarantee before the property is listed. (d) Notify the Division of Real Estate in advance of the terms of the guarantee. Provide complete written details o...

When a land owner uses his land as security for a loan, the encumbrance created is called. - C. an involuntary lien If an owner wants to list a property for sale "as is," the listing agent should - C. Question the seller to any known defects According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the - A. licensee must hold a timeshare license May a New Jersey real estate l...

Tennessee Timeshare License Exam Questions and Answers Already Passed 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 Who is the developer and can they be ...

Timeshare Sales and Contracts Exam Questions and Answers 100% Pass Because of the complexities of the product, the timeshare sales person will spend approximately what percentage of the timeshare presentation on product knowledge? - Correct Answer ️️ -10% After a prospect indicates a willingness to purchase, the salesperson's next big challenge is to: - Correct Answer ️️ -Ensure that all components of the purchase contract are covered and clearly understood. A promissory note re...

What is a legally binding agreement? It is structured by formal, legal documents that define property rights, rules and restrictions It grants rights and/or imposes liabilities and responsibilities on the community association and members It provides governance, business, and communal aspects of administering, maintaining and enhancing the property Could also be considered a "contract" What is a legally binding agreement referred to in certain community associations? A covena...