TIMESHARE COMPREHENSIVE EXAM UPDATED QUESTIONS
AND ANSWERS GUARANTEE A+
✔✔Escrow may NOT be closed until the - ✔✔1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
✔✔Developer Douglas has submitted an application to the administrator for a permit to
sell timeshares. The Division shall issue an order within how many days after the receipt
of the application? - ✔✔30 days
✔✔The administrator has scheduled an informal meeting to discuss certain sales
practices at Douglas' promotional meetings. Which of the following is NOT true? - ✔✔1.
Matters discussed or materials presented may be used in any subsequent formal
hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
✔✔The sale of a timeshare interests in the State of Nevada is regulated under the
provisions of - ✔✔Nevada revised statutes 119A
✔✔MOST timeshare units are sold on credit. 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: - ✔✔Full disclosure of all
financing costs and charges
✔✔Full disclosure - ✔✔AKA truth and lending
✔✔Federal Reserve Board's Regulation Z is applicable to - ✔✔Fees only, right to use
only, campsite membership
✔✔Financing of individual unit sales is MOST often provided by - ✔✔the developer
✔✔Anyone purchasing timeshare MUST - ✔✔sign a written contract
✔✔After a purchaser has signed the timeshare purchase agreement, the purchaser
may - ✔✔cancel the agreement at any time in the next 5 days
✔✔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? - ✔✔Yes, they have the
right to revoke for any reason for 5 calendar days
✔✔If the timeshare project is affiliated with a timeshare purchase agreement, the
purchaser may - ✔✔pay any or all fees charged by the exchange plan for the first 2
years
✔✔On what is the timeshare project developer responsible with regards to maintenance
charges? - ✔✔All unsold timeshare units
✔✔Nevada law REQUIRES all timeshare sales agents to: - ✔✔take 14 hours of
continuing education every 2 years
(correct: 6 hours of continuing education)
✔✔All of the following statements are TRUE about an owners' association EXCEPT -
✔✔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 may NOT be removed. What should a timeshare sales agent do?
- ✔✔Not attempt to sell a unit where the title is un merchantable
✔✔Ted and Alice Lastly have arrived at their timeshare resort and produce the
confirmed reservation for a unit. They are informed that the unit is NOT available. Ted
goes through the roof, but Alice has read up on a Timeshare Owner's Rights in NEvada.
She listens politely to the apologies of the desk clerk, then demands to see the
representative of the owner's association, or if there is no representative, then the
developer. Alice knows that they are entitled to all of the following EXCEPT: - ✔✔a full
refund of their purchase price
✔✔Which of the following is NOT commingling? - ✔✔Placing the customer's deposit in
your wallet temporarily until you turn it over to the broker or sales manager
✔✔Failure to turn over the money received in the course of a timeshare interval sale
within a reasonable time is a violation of - ✔✔NRS 199A
✔✔How many days does a developer have to refund any deposits collected if a
purchaser chooses to cancel the contract to purchase? - ✔✔20 days
✔✔The Civil Rights Act of 1866 - ✔✔prohibited discrimination based on race in real
estate transactions
AND ANSWERS GUARANTEE A+
✔✔Escrow may NOT be closed until the - ✔✔1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
✔✔Developer Douglas has submitted an application to the administrator for a permit to
sell timeshares. The Division shall issue an order within how many days after the receipt
of the application? - ✔✔30 days
✔✔The administrator has scheduled an informal meeting to discuss certain sales
practices at Douglas' promotional meetings. Which of the following is NOT true? - ✔✔1.
Matters discussed or materials presented may be used in any subsequent formal
hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
✔✔The sale of a timeshare interests in the State of Nevada is regulated under the
provisions of - ✔✔Nevada revised statutes 119A
✔✔MOST timeshare units are sold on credit. 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: - ✔✔Full disclosure of all
financing costs and charges
✔✔Full disclosure - ✔✔AKA truth and lending
✔✔Federal Reserve Board's Regulation Z is applicable to - ✔✔Fees only, right to use
only, campsite membership
✔✔Financing of individual unit sales is MOST often provided by - ✔✔the developer
✔✔Anyone purchasing timeshare MUST - ✔✔sign a written contract
✔✔After a purchaser has signed the timeshare purchase agreement, the purchaser
may - ✔✔cancel the agreement at any time in the next 5 days
✔✔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? - ✔✔Yes, they have the
right to revoke for any reason for 5 calendar days
✔✔If the timeshare project is affiliated with a timeshare purchase agreement, the
purchaser may - ✔✔pay any or all fees charged by the exchange plan for the first 2
years
✔✔On what is the timeshare project developer responsible with regards to maintenance
charges? - ✔✔All unsold timeshare units
✔✔Nevada law REQUIRES all timeshare sales agents to: - ✔✔take 14 hours of
continuing education every 2 years
(correct: 6 hours of continuing education)
✔✔All of the following statements are TRUE about an owners' association EXCEPT -
✔✔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 may NOT be removed. What should a timeshare sales agent do?
- ✔✔Not attempt to sell a unit where the title is un merchantable
✔✔Ted and Alice Lastly have arrived at their timeshare resort and produce the
confirmed reservation for a unit. They are informed that the unit is NOT available. Ted
goes through the roof, but Alice has read up on a Timeshare Owner's Rights in NEvada.
She listens politely to the apologies of the desk clerk, then demands to see the
representative of the owner's association, or if there is no representative, then the
developer. Alice knows that they are entitled to all of the following EXCEPT: - ✔✔a full
refund of their purchase price
✔✔Which of the following is NOT commingling? - ✔✔Placing the customer's deposit in
your wallet temporarily until you turn it over to the broker or sales manager
✔✔Failure to turn over the money received in the course of a timeshare interval sale
within a reasonable time is a violation of - ✔✔NRS 199A
✔✔How many days does a developer have to refund any deposits collected if a
purchaser chooses to cancel the contract to purchase? - ✔✔20 days
✔✔The Civil Rights Act of 1866 - ✔✔prohibited discrimination based on race in real
estate transactions
