Tennessee Timeshare License Exam Questions and Answers Already Passed

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 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? 6 months Who is responsible to renew your license? I am What does not have to be in the Truth and Lending Statement? Property Value In advertising, what does misleading mean? Any statement action or laim which is untrue What can you do if a guest does not have their gifts after 72 hours?? Give them the gifts or the cash equivalent What can be guaranteed to a purchaser? Anything in writing What are multiple owners called? Tenants in common When may TREC request access to your office records? Anytime during business hours What is the purpose of TREC? To protect the public What documents are not contracts? DEEDS Who can void the contract during the rescission period? Both the buyer and seller What is an example of a voidable contract? It lacks enforceability Who is responsible for misleading advertising? The person who placed the ad and the principal broker What would keep a developer from obtaining a license? Bankruptcy or moral issues If your boss tells you to sell to women only, and you comply, what are you guilty of? A variety of discriminatory actions When is a public offering statement not required? During resale Before a timeshare is a timeshare, what is it? A project Can you indicated that a prospective tour has won a prize? NO Can you misstate the value of a gift? NO What must be stated in a Truth of Lending? Disclosure of everything related to a loan 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) What is the original license fee? $130 - 100 for license - 30 for education and recovery fee What is the renewal license fee? $80 What are the Pre-Requisites of licensing? -Honesty -60 hours of real estate edu -18 y/o -must apply for license within 6 months of passing exam -must not be on probation Who makes up the Tennessee Real Estate Commission? 9 members - 3 from each grand division of state - 7 real estate agents -2 from general public What can the Tennessee Real Estate Commission do? They can fine you, suspend your license, and send you to court They can also come in during any office hours and ask to see your records Which fees are only $10? - change your name - duplicate license - change firm name Which fees are only $25? - transfer to new firm - retire license -reactivate license How much does it cost to change the firms address? $50 What is the registration fee for an instate timeshare? $100 Who picks the Commissions? The Governor for 5 years What are the Terms of Service for Commissioners? - Executive Director (4 years) - Commissioners of Real Estate Commission (5 years) - Commissioner of TN Human Rights (6 years) What is a Timeshare Estate? An estate in real property - character of real estate is fee simple What is a purchaser? Anyone who buys a timeshare What is a sales agent? The person who sells timeshares What is a unit? Real property improvements in a project which is divided into timeshare intervals What are timeshare units? They can be created in any unit unless expressly prohibited by project instruments or local governing laws What must the Public offering statement include? -name of county -legal description -id of time periods -id of timeshare estates and how much -common expenses any restrictions on use, occupancy, alterations, or alienation of timeshare unit