TIMESHARE LICENSE ACTUAL TEST PAPER
2026 COMPLETE QUESTIONS AND
SOLUTIONS GRADED A+
●● When does your license expire?
Answer: 2 years from the date of issuance
●● What are the powers of the commission?
Answer: The can fine you, suspend your license, or refer you to court.
●● If your license is expired, how can you get reinstated?
Answer: Retake the test
●● What is an escrow account?
Answer: Deposit for purchase into a bank account
●● Who is the developer and can they be refused a license?
Answer: The person or entity which is in the business of creating or
selling any timeshare program
●● What is the project?
Answer: The developement
, ●● What is an exchange agent?
Answer: RCI
●● What can be a timeshare?
Answer: Anything unless it is prohibited by other documents
●● What is a project instrument?
Answer: All documents associated with the timeshare
●● If the property is not a timeshare, what is it?
Answer: A rental or whole ownership
●● When do we present the public offering statement?
Answer: The first thing in the closing, it must contain the rescission
statement in it.
●● What is the rescission/cancellation period in TN?
Answer: 10 or 15 days
●● How long does one have to submit a complaint if they feel they have
been discriminated against?
Answer: 180 days
2026 COMPLETE QUESTIONS AND
SOLUTIONS GRADED A+
●● When does your license expire?
Answer: 2 years from the date of issuance
●● What are the powers of the commission?
Answer: The can fine you, suspend your license, or refer you to court.
●● If your license is expired, how can you get reinstated?
Answer: Retake the test
●● What is an escrow account?
Answer: Deposit for purchase into a bank account
●● Who is the developer and can they be refused a license?
Answer: The person or entity which is in the business of creating or
selling any timeshare program
●● What is the project?
Answer: The developement
, ●● What is an exchange agent?
Answer: RCI
●● What can be a timeshare?
Answer: Anything unless it is prohibited by other documents
●● What is a project instrument?
Answer: All documents associated with the timeshare
●● If the property is not a timeshare, what is it?
Answer: A rental or whole ownership
●● When do we present the public offering statement?
Answer: The first thing in the closing, it must contain the rescission
statement in it.
●● What is the rescission/cancellation period in TN?
Answer: 10 or 15 days
●● How long does one have to submit a complaint if they feel they have
been discriminated against?
Answer: 180 days
