Timeshare License Exam Questions And Answers Rated 100% Correct!!

How long is a TSA license valid for? - Answer-2 years If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? - Answer-June 30, 2002 (end of the month - 2 years later) If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will the license expire? - Answer-June 30, 2010 (end of the month - 1 year later) An applicant for an original timeshare license MUST provide: - Answer-An application, certificates for passing the examination and completing the 14 hour course, and $175 If a timeshare agent is served notice that the division has filed charges against him/her, he/she has how many days in which to file with the Division and answer to the charges? - Answer-20 days A developer may NOT make a material change in the timeshare plan without giving the Division at LEAST how many days notice? - Answer-10 days If the highest monthly total of deposits received by a project is $50,000 what is the amount of surety bond REQUIRED for the benefit of the purchasers? - Answer-$50,000 What is a timeshare? - Answer-A guaranteed reservation at the resort of your choice What is a fractional ownership? - Answer-Ownership of an interval of 1 month to 1/2 year The value of an individual timeshare usually - Answer-decreases in value An agreement between two or more parties is called - Answer-a contract The following elements are necessary to create an agency relationship EXCEPT: - AnswerconsiderationThe following elements are necessary to create an agency relationship: - Answer-perception of representation, understanding, and reliance Which of the following is NOT necessary to form a contract? - Answer-performance Which of the following is necessary to form a contract? - Answer-meeting of the minds, consideration, and competence The essential parts of a written contract include - Answer-competent parties, mutual consent, consideration, and legal obligation Which statements MUST be printed above the purchaser's signature one in each contract for sale of a timeshare? - Answer-The purchaser of a timeshare may cancel, by written notice, the contract of sale until midnight of the fifth calendar day. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract that is voidable by the purchaser. Developer Tyson has defaulted on his project. Which clause provides protection for prior purchasers? - Answer-non-disturbance clause How would a prospective purchaser get the BEST deal on a timeshare? - Answer-buy it from an existing owner The purchaser may cancel the transaction - Answer-until midnight of the 5th calendar day after signing Escrow may NOT be closed until the - Answer-1. buyer's check clears his bank 2. project is free and clear of any blanket encumbrances 3. cancellation period has expired Developer Douglas has submitted an application to the administrator for a permit to sell timeshares. The Division shall issue an order within how many days after the receipt of the application? - Answer- 30 daysThe administrator has scheduled an informal meeting to discuss certain sales practices at Douglas' promotional meetings. Which of the following is NOT true? - Answer-1. Matters discussed or materials presented may be used in any subsequent formal hearings 2. May be tap recorded 3. Is lawful under NRS 119A 4. Mandates a judge or constable be present for the record CORRECT: Mandates a judge or constable be present for the record The sale of a timeshare interests in the State of Nevada is regulated under the provisions of - AnswerNevada revised statutes 119A MOST timeshare units are sold on credit. These lending arrangements MUST comply with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation Z, as applied to timeshare sales, is to assure: - Answer-Full disclosure of all financing costs and charges Full disclosure - Answer-AKA truth and lending