PSI Exam Study Guide UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
What is the Tennessee Real Estate Commission (TREC)? - CORRECT ANSWER The
Judicial Body of the Real Estate industry in Tennessee
Following discriminatory practice, you should make complaint within _____ days? -
CORRECT ANSWER 180
What us a time share estate? - CORRECT ANSWER Ownership or leasehold estate in
property devoted to a time-share fee, tenants in common, time span ownership, interval
ownership, and a time share lease.
What is an Acquisition Agent? - CORRECT ANSWER Licensed and attempts directly
to encourage any person to attend a sales presentation for a time share program
What is an Exchange Agent? - CORRECT ANSWER An agent for an exchange
program
What is a purchaser? - CORRECT ANSWER Anyone who buys a time share
What is a Sales Agent? - CORRECT ANSWER A person acting as a seller of any Time
Share Contract (only sells under a specific time share developer)
What is a person that sells more than 5 time shares a year that are not their own? -
CORRECT ANSWER Time Share Resale Broker
What is a Unit?. - CORRECT ANSWER Real Property improvements in a project
which is divided into Time shares.
What is a managing agent? - CORRECT ANSWER Person with management duties
and responsibilities and obligations of a Time Share program
, What are tine share units? - CORRECT ANSWER Time share units can be created in
any unit unless 1. expressly prohibited by project instruments or 2. local governing laws.
What should be included on the Public Offering Statement? - CORRECT
ANSWER The Public Offering Statement should contain:
- Name of country where property is located
- Legal description of property
- Identification of time periods by letter, name and number
- Identification of time shares estates and how many units can be time share
- Common expenses and voting rights
- Any restrictions on use, occupancy, alterations or alienation of time share units
- Ownership interest/maintenance provisions/replacement
_________ must be provided to each purchaser of a timeshare? - CORRECT
ANSWER Public Offering Statement
When do you have to give a Public Offering Statement? What is the exception? - CORRECT
ANSWER Must be provided to each purchaser of a time share
(Exception): Developer was registered and PO statement was provided to purchaser under
Security and Exchange Act etc., then the owner of the property is not required to provided a
Public Offering Statement when conveying to another individual
What is an Escrow of Deposits? - CORRECT ANSWER When a purchaser gives
deposit money it is placed in an account of an independent escrow co and held 100% during
cancellation period
Active licensees must have ____________ coverage. - CORRECT ANSWER Erros
and Omissions
QUESTIONS AND CORRECT ANSWERS
What is the Tennessee Real Estate Commission (TREC)? - CORRECT ANSWER The
Judicial Body of the Real Estate industry in Tennessee
Following discriminatory practice, you should make complaint within _____ days? -
CORRECT ANSWER 180
What us a time share estate? - CORRECT ANSWER Ownership or leasehold estate in
property devoted to a time-share fee, tenants in common, time span ownership, interval
ownership, and a time share lease.
What is an Acquisition Agent? - CORRECT ANSWER Licensed and attempts directly
to encourage any person to attend a sales presentation for a time share program
What is an Exchange Agent? - CORRECT ANSWER An agent for an exchange
program
What is a purchaser? - CORRECT ANSWER Anyone who buys a time share
What is a Sales Agent? - CORRECT ANSWER A person acting as a seller of any Time
Share Contract (only sells under a specific time share developer)
What is a person that sells more than 5 time shares a year that are not their own? -
CORRECT ANSWER Time Share Resale Broker
What is a Unit?. - CORRECT ANSWER Real Property improvements in a project
which is divided into Time shares.
What is a managing agent? - CORRECT ANSWER Person with management duties
and responsibilities and obligations of a Time Share program
, What are tine share units? - CORRECT ANSWER Time share units can be created in
any unit unless 1. expressly prohibited by project instruments or 2. local governing laws.
What should be included on the Public Offering Statement? - CORRECT
ANSWER The Public Offering Statement should contain:
- Name of country where property is located
- Legal description of property
- Identification of time periods by letter, name and number
- Identification of time shares estates and how many units can be time share
- Common expenses and voting rights
- Any restrictions on use, occupancy, alterations or alienation of time share units
- Ownership interest/maintenance provisions/replacement
_________ must be provided to each purchaser of a timeshare? - CORRECT
ANSWER Public Offering Statement
When do you have to give a Public Offering Statement? What is the exception? - CORRECT
ANSWER Must be provided to each purchaser of a time share
(Exception): Developer was registered and PO statement was provided to purchaser under
Security and Exchange Act etc., then the owner of the property is not required to provided a
Public Offering Statement when conveying to another individual
What is an Escrow of Deposits? - CORRECT ANSWER When a purchaser gives
deposit money it is placed in an account of an independent escrow co and held 100% during
cancellation period
Active licensees must have ____________ coverage. - CORRECT ANSWER Erros
and Omissions
