TN Timeshare Questions And Answers Rated 100% Correct!!

What can be a timeshare? - Answer-Anything unless prohibited by another document or regulation. What is a project instrument? - Answer-All documents associated with a timeshare. What is the Tennessee Real Estate Commission (TREC)? - Answer-The judicial body of the real estate industry in Tennessee Following discriminatory practices, you should make a complaint within ___ days - Answer-180 What is a timeshare a estate? - Answer-Ownership or leasehold estate in property devoted to a timeshare fee, tenants in common, time span ownership, and triple ownership and a timeshare lease. What is an acquisition agents? - Answer-Licensed and attends directly to encourage any person to attend a sales presentation for a timeshare program What is an exchange agent? - Answer-Agent for an exchange program What is a purchaser? - Answer-Anyone who buys a timeshare What is a sales agent? - Answer-Person acting as a seller of any timeshare contract (only cylinder specific timeshare developer) anyone who saw the timeshare What is a person that sells more than five timeshares a year that are not their own? - AnswerTimeshare resale broker What is a unit? - Answer-Real property improvements in a project which is divided into timeshare intervals What is a managing agent? - Answer-Person with management duties and responsibilities and obligationsWhat are timeshare units? - Answer-Timeshare units can be created in any unit unless expressly prohibited by project and local governing laws What should be included on the public offering statement? - Answer-The public offering statement should contain: Name of county where property is located Legal description of property Identification of time periods by letter name and number Common expenses and voting rights Any restrictions on occupancy alterations or alienation of timeshare units Ownership interest/maintenance provision/replacement ____ must be provided to each purchaser of a timeshare - Answer-Public offering statement When do you have to give a public offering statement? What is the exception? - Answer-Must be provided to each purchaser of a timeshare. Exception: developer was registered PO statement was provided to register under security and exchange act etc., and the owner of the property is not part to provide a public offering statement when conveying to another individual What is an escrow of deposits? - Answer-When a purchaser gifts deposit money that is placed in an account of an independent escrow company and held 100% during cancellation. Active licensees must have _______ coverage - Answer-Errors and omissions In ___ , The contract is voidable by the purchaser or the developer, until he has received _____ - Answer-Mutual rights of cancellation. Public offering statement. In the disclosure of recession rights, you may cancel a contract. It must be in bold face and a conspicuous type in every ___ and every _____ - Answer-Public offering statement Contract for sale Below signature In a mutual rights of cancellation, the contract is voidable by the purchaser or developer he has received a public offering statement._______ days if on-site inspection was made _______ days if no on-site inspection was made - Answer-10 15 Cancellation of contract is without penalty if they follow the disclosure of recession right. It must be refunded within _____ days after receipt of notice. - Answer-30 True or false? Misleading advertisement is unlawful. - Answer-True