Nevada Timeshare License Practice
Questions And 100% Correct Answers.
The sale of timeshare interests in the State of Nevada is regulated under the provisions of: - Answer
NRS 119a
The law that regulates real estate in Nevada is: - Answer NRS 645
Who appoints the Administrator of the Real Estate Division? - Answer The Director of the Department
of Business and Industry
Who appoints the Director of the Department of Business and Industry? - Answer Governor
Who selects and appoints the Project Broker? - Answer Developer
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license expire? - 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? - Answer $100
A timeshare owner with the same numbered week of ownership each year has... - Answer Fixed use
What is fractional ownership? - 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... - 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? - 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? - 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... - 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 ... -
Answer Registered Representative
How many hours of continuing education are required for a licensed Timeshare Sales Agent? - 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? - Answer Sales agents and representatives
In what year did the Nevada legislature pass the statute governing timeshare sales? - Answer 1983
To effect an exchange, an owner of a floating use period MUST first secure a specific week through which
of the following? - 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... - Answer Project Broker
If the relationship changes between the Sales Agent, Developer and/or the Broker, this must be reported
to the Real Estate Division within... - Answer 10 days
, The Division will issue a license to those who follow and complete the process set forth in NRS 119a.
Initially, the division will issue a... - Answer Provisional License until satisfactory results from the FBI
fingerprint background check are received by the Division
When a Provisional License is issued by the Division, there are certain restrictions that apply to the Sales
Agent that include all of the following EXCEPT... - Answer May not earn a commission from the Broker
while the Sales Agent's license is in a Provisional condition
he Administrator may impose a fine, or suspend/revoke a sales agent's license if the agent is found guilty
of... - Answer A felony or other crimes of moral turpitude, or has entered a plea of guilty or "nolo
contendere" to any such crimes
The authorization by the Division to sell or offer to sell timeshare is known as... - Answer The Permit
If an agent wants to leave one project and work for another, they must pay a fee of how much to
reinstate their license with the new Broker and Developer? - Answer $25 paid to the Real Estate
Division
A developer can offer to sell timeshare interest before the project is completed. This is known as a
RESERVATION or (offer to sell). What is the Developer required to have in order to take reservations? -
Answer Preliminary Permit and a Bond demonstrating they have sufficient money to complete the
project
NRS 119a applies to... - Answer Timeshare if they have more than 12 units
28. Upon receipt of cancellation for a reservation to purchase, the developer shall return in full the total
deposit, plus any interest earned, within... - Answer 20 days
Sometimes, Project Brokers maintain their principal place of business somewhere other than the sales
office where they have responsibility. In this case, they must do what for each project where they serve
as Project Broker? - Answer Establish remote offices called Branch Offices and assign a Broker
Salesperson to represent them
Questions And 100% Correct Answers.
The sale of timeshare interests in the State of Nevada is regulated under the provisions of: - Answer
NRS 119a
The law that regulates real estate in Nevada is: - Answer NRS 645
Who appoints the Administrator of the Real Estate Division? - Answer The Director of the Department
of Business and Industry
Who appoints the Director of the Department of Business and Industry? - Answer Governor
Who selects and appoints the Project Broker? - Answer Developer
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license expire? - 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? - Answer $100
A timeshare owner with the same numbered week of ownership each year has... - Answer Fixed use
What is fractional ownership? - 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... - 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? - 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? - 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... - 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 ... -
Answer Registered Representative
How many hours of continuing education are required for a licensed Timeshare Sales Agent? - 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? - Answer Sales agents and representatives
In what year did the Nevada legislature pass the statute governing timeshare sales? - Answer 1983
To effect an exchange, an owner of a floating use period MUST first secure a specific week through which
of the following? - 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... - Answer Project Broker
If the relationship changes between the Sales Agent, Developer and/or the Broker, this must be reported
to the Real Estate Division within... - Answer 10 days
, The Division will issue a license to those who follow and complete the process set forth in NRS 119a.
Initially, the division will issue a... - Answer Provisional License until satisfactory results from the FBI
fingerprint background check are received by the Division
When a Provisional License is issued by the Division, there are certain restrictions that apply to the Sales
Agent that include all of the following EXCEPT... - Answer May not earn a commission from the Broker
while the Sales Agent's license is in a Provisional condition
he Administrator may impose a fine, or suspend/revoke a sales agent's license if the agent is found guilty
of... - Answer A felony or other crimes of moral turpitude, or has entered a plea of guilty or "nolo
contendere" to any such crimes
The authorization by the Division to sell or offer to sell timeshare is known as... - Answer The Permit
If an agent wants to leave one project and work for another, they must pay a fee of how much to
reinstate their license with the new Broker and Developer? - Answer $25 paid to the Real Estate
Division
A developer can offer to sell timeshare interest before the project is completed. This is known as a
RESERVATION or (offer to sell). What is the Developer required to have in order to take reservations? -
Answer Preliminary Permit and a Bond demonstrating they have sufficient money to complete the
project
NRS 119a applies to... - Answer Timeshare if they have more than 12 units
28. Upon receipt of cancellation for a reservation to purchase, the developer shall return in full the total
deposit, plus any interest earned, within... - Answer 20 days
Sometimes, Project Brokers maintain their principal place of business somewhere other than the sales
office where they have responsibility. In this case, they must do what for each project where they serve
as Project Broker? - Answer Establish remote offices called Branch Offices and assign a Broker
Salesperson to represent them
