Timeshare License
Exam Latest Updated
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: -
✔✔✔ANSWER-consideration
The 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
Exam Latest Updated
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: -
✔✔✔ANSWER-consideration
The 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
