Nevada Timeshare License Practice Questions with complete solution

Nevada Timeshare License Practice Questions with complete solution The sale of timeshare interests in the State of Nevada is regulated under the provisions of: -Correct Answer-NRS 119a The law that regulates real estate in Nevada is: -Correct Answer-NRS 645 Who appoints the Administrator of the Real Estate Division? -Correct Answer-The Director of the Department of Business and Industry Who appoints the Director of the Department of Business and Industry? -Correct Answer-Governor Who selects and appoints the Project Broker? -Correct Answer-Developer If a timeshare agent initially becomes licensed on June 6, 2000, when will the license expire? -Correct Answer-June 30, 2002 If a Sales Agent allows their license to expire, there is a 1 year grace period in which they can still renew. In addition to the cost of the required 6 hours of continuing education, and license fee, the Agent will also have to pay for new fingerprints, and a Late Renewal Penalty of $________ to the Real Estate Division. How much is this penalty? -Correct Answer-$100 A timeshare owner with the same numbered week of ownership each year has... -Correct Answer-Fixed use What is fractional ownership? -Correct Answer-Ownership of an interval of 1 month to one-half year Having timeshare ownership that may be used seasonally or for a different week each year based on available and requiring a reservation is known as... -Correct Answer-Floating use Which of the following reasons would NOT be cause for the Real Estate Division to deny an application for timeshare sales license? -Correct Answer-Driving Record You have just completed making a timeshare sale. Your buyers go back to their hotel, and after dinner and a few cocktails, they have second thoughts about the purchase. Can they change their minds and get out of the deal? -Correct Answer-Yes, they have to right to revoke for any reason for 5 calendar days Ted and Alice Smith have arrived at their timeshare resort and produced the confirmed reservation for a unit. They are informed that the unit is NOT available. Ted goes through the roof, but Alice knows that they are entitled to all the following EXCEPT... -Correct Answer-A full refund of their purchase price Any person who, on behalf of a developer, induces other persons to attend a sales presentation is a ... -Correct Answer-Registered Representative How many hours of continuing education are required for a licensed Timeshare Sales Agent? -Correct Answer-6 hours Mr. Allen was named the project broker at a Nevada timeshare resort. For which of the following most accurately describes the people will he be responsible for? -Correct Answer-Sales agents and representatives In what year did the Nevada legislature pass the statute governing timeshare sales? -Correct Answer-1983 To effect an exchange, an owner of a floating use period MUST first secure a specific week through which of the following? -Correct Answer-The home resort A Broker that works on behalf of a Developer of Timeshare to coordinate and supervise all sales activities is known as a... -Correct Answer-Project Broker If the relationship changes between the Sales Agent, Developer and/or the Broker, this must be reported to the