Tennessee Timeshare Practice Exam Questions and Answers 100% Pass

Tennessee Timeshare Practice Exam Questions and Answers 100% Pass Timeshare units can be created: - Correct Answer ️️ -in any unit unless prohibited by local laws Receipt of Public Offering Statement shall take place no later than: - Correct Answer ️️ -Date of sale To be valid, a Public Offering Statement must be: - Correct Answer ️️ -signed and dated Disclosure of Recession of Rights must appear in bold face print in the: - Correct Answer ️️ -contract and public offering statement Escrow account for timeshare sale shall not be held by: - Correct Answer ️️ -the developer Who is ultimately responsible for Escrow funds? - Correct Answer ️️ -the broker Any person other than a developer or lender who acquires an interest in a Timeshare is called: - Correct Answer ️️ -purchaser A person visits a Timeshare resort in Tennessee and signs a contract of sale. The maximum recession period for this person is: - Correct Answer ️️ -10 days A timeshare contract is voidable by purchaser until: - Correct Answer ️️ -a 10 day recession period has passed and until they have received a public offering statement A person who solicits people to attend a timeshare presentation is: - Correct Answer ️️ -an acquisition agent A person who exchanges timeshare intervals in exchange programs with other timeshare intervals is called a/an: - Correct Answer ️️ -exchange agent Price increase in timeshare can NOT be announced more than how many days prior to the effective date? - Correct Answer ️️ -60 days If an unlicensed person is fined by TREC, not the court, the maximum fine is ______ per offense. - Correct Answer ️️ -$1,000 The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - Correct Answer ️️ -to protect the public A timeshare resort may offer a promotional gift as an inducement to tour if all the following conditions are met EXCEPT: - Correct Answer ️️ -it must be approved by the Tennessee Real Estate Commission The TN Real Estate Commission has the authority to perform the following duties EXCEPT: - Correct Answer ️️ -sentence a guilty licensee to a jail term There are ____ members of the TN Real Estate Commission - Correct Answer ️️ -9 The TN Real Estate Commission is declared to be: - Correct Answer ️️ -a judicial body Errors and Omission Insurance is required: - Correct Answer ️️ -as a condition of licensing Who appoints individuals to the TN Real Estate Commission: - Correct Answer ️️ -the governor The term "person" means: - Correct Answer ️️ -an individual, c