Timeshare License Exam | 170 Questions with 100%
Correct Answers | Updated & Verified | 26 Pages
How long is a TSA license valid for? ✔✔2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the
license expire? ✔✔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? ✔✔June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide: ✔✔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? ✔✔20 days
A developer may NOT make a material change in the timeshare plan without
giving the Division at LEAST how many days notice? ✔✔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?
✔✔$50,000
What is a timeshare? ✔✔A guaranteed reservation at the resort of your choice
,What is a fractional ownership? ✔✔Ownership of an interval of 1 month to 1/2
year
The value of an individual timeshare usually ✔✔decreases in value
An agreement between two or more parties is called ✔✔a contract
The following elements are necessary to create an agency relationship EXCEPT:
✔✔consideration
The following elements are necessary to create an agency relationship:
✔✔perception of representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? ✔✔performance
Which of the following is necessary to form a contract? ✔✔meeting of the
minds, consideration, and competence
The essential parts of a written contract include ✔✔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? ✔✔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? ✔✔non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? ✔✔buy
it from an existing owner
The purchaser may cancel the transaction ✔✔until midnight of the 5th calendar
day after signing
Escrow may NOT be closed until the ✔✔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? ✔✔30 days
The administrator has scheduled an informal meeting to discuss certain sales
practices at Douglas' promotional meetings. Which of the following is NOT true?
✔✔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 Answers | Updated & Verified | 26 Pages
How long is a TSA license valid for? ✔✔2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the
license expire? ✔✔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? ✔✔June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide: ✔✔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? ✔✔20 days
A developer may NOT make a material change in the timeshare plan without
giving the Division at LEAST how many days notice? ✔✔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?
✔✔$50,000
What is a timeshare? ✔✔A guaranteed reservation at the resort of your choice
,What is a fractional ownership? ✔✔Ownership of an interval of 1 month to 1/2
year
The value of an individual timeshare usually ✔✔decreases in value
An agreement between two or more parties is called ✔✔a contract
The following elements are necessary to create an agency relationship EXCEPT:
✔✔consideration
The following elements are necessary to create an agency relationship:
✔✔perception of representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? ✔✔performance
Which of the following is necessary to form a contract? ✔✔meeting of the
minds, consideration, and competence
The essential parts of a written contract include ✔✔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? ✔✔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? ✔✔non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? ✔✔buy
it from an existing owner
The purchaser may cancel the transaction ✔✔until midnight of the 5th calendar
day after signing
Escrow may NOT be closed until the ✔✔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? ✔✔30 days
The administrator has scheduled an informal meeting to discuss certain sales
practices at Douglas' promotional meetings. Which of the following is NOT true?
✔✔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
