Special Areas of Practice question and answers graded A+ 2023

Special Areas of Practice question and answers graded A+ 2023timeshare estate - correct answer Pieces of real estate owned by multiple unrelated individuals who occupy the dwelling unit in one- to two-week intervals during the year. Timeshare use - correct answer Gives the purchaser the right to possess the property at given times for a given duration, but does not convey ownership. Vacation ownership - correct answer Buyers agree to a one-time purchase price and an annual maintenance fee. With a right-to-use timeshare - correct answer the week or weeks to be used are specified in advance, with buyers of high-season dates paying more than low-season purchasers. Fee simple ownership for a vacation timeshare works in the same way as other types of real estate: - correct answer Ownership can be enjoyed, sold, or passed down to heirs. Timeshare salesperson experience and requirements: - correct answer -18 years old - certification from affiliated broker - 30 hours education - 70% test passing The Time-Share Act of 1981 protects - correct answer timeshare owners and prospective buyers by regulating advertising and discouraging scams and fraud. Anyone engaged in property management needs an active Tennessee broker or affiliate broker real estate license, - correct answer and must be affiliated with a firm actively licensed in Tennessee. "RF - correct answer for residential transactions