Tennessee Timeshare License Exam
What is an acquisition agent? - -People who solicit others to attend a
presentation
- When does your license expire? - -2 years from the date of issuance
- What are the powers of the commission? - -The can fine you, suspend your
license, or refer you to court.
- If your license is expired, how can you get reinstated? - -Retake the test
- What is an escrow account? - -Deposit for purchase into a bank account
- Who is the developer and can they be refused a license? - -The person or
entity which is in the business of creating or selling any timeshare program
- What is the project? - -The developement
- What is an exchange agent? - -RCI
- What can be a timeshare? - -Anything unless it is prohibited by other
documents
- What is a project instrument? - -All documents associated with the
timeshare
- If the property is not a timeshare, what is it? - -A rental or whole
ownership
- When do we present the public offering statement? - -The first thing in the
closing, it must contain the rescission statement in it.
- What is the rescission/cancellation period in TN? - -10 or 15 days
- How long does one have to submit a complaint if they feel they have been
discriminated against? - -180 days
- How long do you have to spend as an affiliate broker before you can apply
for a broker license? - -Three Years
- What is errors and ommision insurance? Who has to have it? - -All agents
must have insurance to protect them against inadequate or negative actions
What is an acquisition agent? - -People who solicit others to attend a
presentation
- When does your license expire? - -2 years from the date of issuance
- What are the powers of the commission? - -The can fine you, suspend your
license, or refer you to court.
- If your license is expired, how can you get reinstated? - -Retake the test
- What is an escrow account? - -Deposit for purchase into a bank account
- Who is the developer and can they be refused a license? - -The person or
entity which is in the business of creating or selling any timeshare program
- What is the project? - -The developement
- What is an exchange agent? - -RCI
- What can be a timeshare? - -Anything unless it is prohibited by other
documents
- What is a project instrument? - -All documents associated with the
timeshare
- If the property is not a timeshare, what is it? - -A rental or whole
ownership
- When do we present the public offering statement? - -The first thing in the
closing, it must contain the rescission statement in it.
- What is the rescission/cancellation period in TN? - -10 or 15 days
- How long does one have to submit a complaint if they feel they have been
discriminated against? - -180 days
- How long do you have to spend as an affiliate broker before you can apply
for a broker license? - -Three Years
- What is errors and ommision insurance? Who has to have it? - -All agents
must have insurance to protect them against inadequate or negative actions
