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 |Real |Estate |Division |within... |- |correct |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... |- |correct |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... |- |correct |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... |- |correct |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... |- |correct
|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? |- |correct |answer |-$25
|paid |to |the |Real |Estate |Division
A |developer |can |offer |to |sell |timeshare |interest |before |the |project |is |completed. |This |is
|known |as |a |RESERVATION |or |(offer |to |sell). |What |is |the |Developer |required |to |have |in
|order |to |take |reservations? |- |correct |answer |-Preliminary |Permit |and |a |Bond |demonstrating
|they |have |sufficient |money |to |complete |the |project
|- |correct |answer |-NRS |119a
The |law |that |regulates |real |estate |in |Nevada |is: |- |correct |answer |-NRS |645
Who |appoints |the |Administrator |of |the |Real |Estate |Division? |- |correct |answer |-The |Director
|of |the |Department |of |Business |and |Industry
Who |appoints |the |Director |of |the |Department |of |Business |and |Industry? |- |correct |answer |-
Governor
Who |selects |and |appoints |the |Project |Broker? |- |correct |answer |-Developer
If |a |timeshare |agent |initially |becomes |licensed |on |June |6, |2000, |when |will |the |license
|expire? |- |correct |answer |-June |30, |2002
If |a |Sales |Agent |allows |their |license |to |expire, |there |is |a |1 |year |grace |period |in |which |they
|can |still |renew. |In |addition |to |the |cost |of |the |required |6 |hours |of |continuing |education, |and
|license |fee, |the |Agent |will |also |have |to |pay |for |new |fingerprints, |and |a |Late |Renewal
|Penalty |of |$________ |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 |Real |Estate |Division |within... |- |correct |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... |- |correct |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... |- |correct |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... |- |correct |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... |- |correct
|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? |- |correct |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? |- |correct |answer |-Preliminary |Permit |and |a |Bond |demonstrating
|they |have |sufficient |money |to |complete |the |project
