NEVADA TIMESHARE LICENSE FULL ACTUAL PRACTICE EXAM WITH
SOLUTIONS GRADED A+
Escrow may NOT be closed until the
Buyer's check clears his bank
Unit is free and clear of any blanket encumbrances
Cancellation period has expired
The following elements are necessary to create an agency relationship EXCEPT...
Consideration
An agent warrants:
Integrity in dealings
MOST timeshare units are purchased using financing. These lending arrangements MUST
comply with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of
Regulation Z, as applied to timeshare sales, is to assure which of the following?
Full disclosure of all financing costs and charges
A purchaser must be allowed time to:
Fully read any or all documents of their choosing as it relates to the timeshare purchase
Discuss the documents with their spouse or any other person they choose
Consult an attorney
,Federal Reserve Board's Regulation Z is applicable to...
All Consumer Credit
Which of the following information does Truth in Lending and Regulation Z REQUIRE to be
disclosed to a financed purchase of a timeshare?
Annual percentage rates, finance charge, amount financed, and total of payments
The law that sets the maximum interest that can be charged when financing is the...
Usury Law
Pledging property in exchange for consideration (money) is known as...
Hypothecation
If a salesperson refuses to sell an interval to a customer because of their religious beliefs,
the agent would be in violation of which law?
Fair Housing Act of 1968
A lender is considered...
The mortgagee
,If Herbert is refused the opportunity to buy a timeshare because of his race, this would be a
violation of...
Civil Rights Action of 1866
Nevada legislation related to discrimination includes what that other states do not?
Gender
Bill suffered a traumatic brain injury when playing football in college and now must wear a
special brace that helps him support this head position. He can drive a car and has a job.
Bill wanted to ride the horses at the local riding stable, but was informed by the owner that
individuals with such injuries are not allowed to ride any of the horses under any
circumstances. Which of the following would be true?
Bill's civil rights might have been violated and he could have legal recourse under the
Americans With Disabilities Act.
All fees collected by the Real Estate Division for licenses, permits, advertising, etc. will be
deposited where?
State's General Fund
The act of mixing a purchaser's deposit with any other money is known as...
Commingling
, If the developer uses a purchaser's deposit to buy snacks for those taking tours at the
resort, this would be an act of...
Conversion
What duty does a Sales Agent owe prospective purchasers?
Disclose material defects, even if it disadvantages the Developer
Duties owed by a Sales Agent must be disclosed when?
Before any contracts are signed
When is the Duties Owed form presented to the Purchaser?
During the Verification Process
An Agency Relationship could be formed with a Prospective Purchaser as a result of:
Unconscious, involuntary behavior
Purposeful, goal directed behavior
An unintentional or intentional action
A timeshare owner in default shall have how many days in which to pay the amount of a lien
to avoid foreclosure, after the notice of default is recorded and a copy of the notice is
mailed to the owner by certified mail with postage prepaid?
14 days
SOLUTIONS GRADED A+
Escrow may NOT be closed until the
Buyer's check clears his bank
Unit is free and clear of any blanket encumbrances
Cancellation period has expired
The following elements are necessary to create an agency relationship EXCEPT...
Consideration
An agent warrants:
Integrity in dealings
MOST timeshare units are purchased using financing. These lending arrangements MUST
comply with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of
Regulation Z, as applied to timeshare sales, is to assure which of the following?
Full disclosure of all financing costs and charges
A purchaser must be allowed time to:
Fully read any or all documents of their choosing as it relates to the timeshare purchase
Discuss the documents with their spouse or any other person they choose
Consult an attorney
,Federal Reserve Board's Regulation Z is applicable to...
All Consumer Credit
Which of the following information does Truth in Lending and Regulation Z REQUIRE to be
disclosed to a financed purchase of a timeshare?
Annual percentage rates, finance charge, amount financed, and total of payments
The law that sets the maximum interest that can be charged when financing is the...
Usury Law
Pledging property in exchange for consideration (money) is known as...
Hypothecation
If a salesperson refuses to sell an interval to a customer because of their religious beliefs,
the agent would be in violation of which law?
Fair Housing Act of 1968
A lender is considered...
The mortgagee
,If Herbert is refused the opportunity to buy a timeshare because of his race, this would be a
violation of...
Civil Rights Action of 1866
Nevada legislation related to discrimination includes what that other states do not?
Gender
Bill suffered a traumatic brain injury when playing football in college and now must wear a
special brace that helps him support this head position. He can drive a car and has a job.
Bill wanted to ride the horses at the local riding stable, but was informed by the owner that
individuals with such injuries are not allowed to ride any of the horses under any
circumstances. Which of the following would be true?
Bill's civil rights might have been violated and he could have legal recourse under the
Americans With Disabilities Act.
All fees collected by the Real Estate Division for licenses, permits, advertising, etc. will be
deposited where?
State's General Fund
The act of mixing a purchaser's deposit with any other money is known as...
Commingling
, If the developer uses a purchaser's deposit to buy snacks for those taking tours at the
resort, this would be an act of...
Conversion
What duty does a Sales Agent owe prospective purchasers?
Disclose material defects, even if it disadvantages the Developer
Duties owed by a Sales Agent must be disclosed when?
Before any contracts are signed
When is the Duties Owed form presented to the Purchaser?
During the Verification Process
An Agency Relationship could be formed with a Prospective Purchaser as a result of:
Unconscious, involuntary behavior
Purposeful, goal directed behavior
An unintentional or intentional action
A timeshare owner in default shall have how many days in which to pay the amount of a lien
to avoid foreclosure, after the notice of default is recorded and a copy of the notice is
mailed to the owner by certified mail with postage prepaid?
14 days
