Tennessee Timeshare License Exam | Questions with 100 % correct Answers | Verified

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 refused a license? - The person or entity which is in the business of creating or selling any timeshare program 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 How long do you have to spend as an affiliate broker before you can apply for a broker license? - Three Years What is errors and ommision insurance? Who has to have it? - All agents must have insurance to protect them against inadequate or negative actions How long after passing your test can you apply for your license? -