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NEVADA TIMESHARE LICENSE PRACTICE
QUESTIONS WITH 100% VERIFIED ANSWERS
When a Developer is in default, existing owners are provided some protection as
long as they maintain their responsibility to... -correct-answer-Keep paying their
maintenance fees until the court instructs otherwise
The purest form of ownership is... -correct-answer-Fee Deed and Title
A leasehold is an example of... -correct-answer-Un-deeded ownership
Right of Use
A member of a club
The value of an individual timeshare usually... -correct-answer-Decreases in value
The Developer has defaulted on his project. Which clause provides protection for
prior purchasers? -correct-answer-Non-disturbance clause
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All of the following statements are TRUE about an owners' association EXCEPT it...
-correct-answer-Is formed primarily for the purpose of selling timeshare interests
in the resort
It is discovered that the title of a project is "un-merchantable" because an
easement has been found which cannot be removed. What should a timeshare
sales agent do? -correct-answer-Not attempt to sell a unit where the title is
unmerchantable
The Homeowners Association is formed PRIMARILY for the purpose of... -correct-
answer-Maintenance operations
If an advance fee is charged by a timeshare resale broker, what is the percentage
of the fee that MUST be deposited into his trust account? -correct-answer-80
Right to Use / Leasehold is considered... -correct-answer-A contractual agreement
As part of a developer's responsibility, they must... -correct-answer-Not sell
timeshare in the state unless they hold a proper permit
Disclose the nature of the exchange program
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Not make any claims as to past exchange programs and/or to their sales
performance
A voidable contract is... -correct-answer-A valid contract until action is taken to
make it void.
In Nevada, after receiving PROPER notice of cancellation, a developer MUST
refund all monies received from a purchaser within how many days? -correct-
answer-20 days
A timeshare where the buyer receives a grant deed for fee simple title is... -
correct-answer-An ownership project
Any fees collected by the division for investigative work REQUIRED prior to issuing
a permit or license MUST be deposited in the state treasury for credit to the... -
correct-answer-Real estate investigative account
Pick the terms that relate best to "Use". Pick all that match... -correct-answer-
Leasehold
Undeeded
Right to Use
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Contractual Agreement
Member of a Club
Pick the terms that relate best to "Estate". Pick all that match... -correct-answer-
Maximum ownership
Deeded
Pure ownership
Fee Deed and Title
Apply Your Knowledge: Nevada is a Community Property state, meaning that any
assets obtained as a married couple are equally and wholly owned by both
parties. As such, if a married couple buys a timeshare in Nevada, they will take
title in which manner? -correct-answer-Tenants in Common - each owning 50%
An owner wanting to sell their timeshare interest may make and advance payment
to a Resale Broker or Salesperson for their services. A "close by" date will be
established in their agreement. Which of the following is the best description of
this arrangement? -correct-answer-80% of the advance payment must be
deposited in the name of the owner until the sale is complete. In the event it does
not sell by the agreed to date, the owner will get 80% of their money back within
10 days
NEVADA TIMESHARE LICENSE PRACTICE
QUESTIONS WITH 100% VERIFIED ANSWERS
When a Developer is in default, existing owners are provided some protection as
long as they maintain their responsibility to... -correct-answer-Keep paying their
maintenance fees until the court instructs otherwise
The purest form of ownership is... -correct-answer-Fee Deed and Title
A leasehold is an example of... -correct-answer-Un-deeded ownership
Right of Use
A member of a club
The value of an individual timeshare usually... -correct-answer-Decreases in value
The Developer has defaulted on his project. Which clause provides protection for
prior purchasers? -correct-answer-Non-disturbance clause
,2|Page
All of the following statements are TRUE about an owners' association EXCEPT it...
-correct-answer-Is formed primarily for the purpose of selling timeshare interests
in the resort
It is discovered that the title of a project is "un-merchantable" because an
easement has been found which cannot be removed. What should a timeshare
sales agent do? -correct-answer-Not attempt to sell a unit where the title is
unmerchantable
The Homeowners Association is formed PRIMARILY for the purpose of... -correct-
answer-Maintenance operations
If an advance fee is charged by a timeshare resale broker, what is the percentage
of the fee that MUST be deposited into his trust account? -correct-answer-80
Right to Use / Leasehold is considered... -correct-answer-A contractual agreement
As part of a developer's responsibility, they must... -correct-answer-Not sell
timeshare in the state unless they hold a proper permit
Disclose the nature of the exchange program
,3|Page
Not make any claims as to past exchange programs and/or to their sales
performance
A voidable contract is... -correct-answer-A valid contract until action is taken to
make it void.
In Nevada, after receiving PROPER notice of cancellation, a developer MUST
refund all monies received from a purchaser within how many days? -correct-
answer-20 days
A timeshare where the buyer receives a grant deed for fee simple title is... -
correct-answer-An ownership project
Any fees collected by the division for investigative work REQUIRED prior to issuing
a permit or license MUST be deposited in the state treasury for credit to the... -
correct-answer-Real estate investigative account
Pick the terms that relate best to "Use". Pick all that match... -correct-answer-
Leasehold
Undeeded
Right to Use
, 4|Page
Contractual Agreement
Member of a Club
Pick the terms that relate best to "Estate". Pick all that match... -correct-answer-
Maximum ownership
Deeded
Pure ownership
Fee Deed and Title
Apply Your Knowledge: Nevada is a Community Property state, meaning that any
assets obtained as a married couple are equally and wholly owned by both
parties. As such, if a married couple buys a timeshare in Nevada, they will take
title in which manner? -correct-answer-Tenants in Common - each owning 50%
An owner wanting to sell their timeshare interest may make and advance payment
to a Resale Broker or Salesperson for their services. A "close by" date will be
established in their agreement. Which of the following is the best description of
this arrangement? -correct-answer-80% of the advance payment must be
deposited in the name of the owner until the sale is complete. In the event it does
not sell by the agreed to date, the owner will get 80% of their money back within
10 days
