Timeshare License Exam 150+ Questions And Correct Answers 2023 Latest Update.

Timeshare License Exam 150+ QUESTIONS AND CORRECT ANSWERS 2023 LATEST UPDATE. 1. How long is a TSA license valid for?: 2 years 2. If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire?: June 30, 2002 (end of the month - 2 years later) 3. If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will the license expire?: June 30, 2010 (end of the month - 1 year later) 4. An applicant for an original timeshare license MUST provide:: An application, certificates for passing the examination and completing the 14 hour course, and $175 5. If a timeshare agent is served notice that the division has filed charges against him/her, he/she has how many days in which to file with the Division and answer to the charges?: 20 days 6. A developer may NOT make a material change in the timeshare plan without giving the Division at LEAST how many days notice?: 10 days 7. If the highest monthly total of deposits received by a project is $50,000 what is the amount of surety bond REQUIRED for the benefit of the purchasers?: $50,000 8. What is a timeshare?: A guaranteed reservation at the resort of your choice 9. What is a fractional ownership?: Ownership of an interval of 1 month to 1/2 year 10. The value of an individual timeshare usually: decreases in value 11. An agreement between two or more parties is called: a contract 12. The following elements are necessary to create an agency relationship EXCEPT:: consideration 13. The following elements are necessary to create an agency relationship:- : perception of representation, understanding, and reliance 14. Which of the following is NOT necessary to form a contract?: performance 15. Which of the following is necessary to form a contract?: meeting of the minds, consideration, and competence 16. The essential parts of a written contract include: competent parties, mutual consent, consideration, and legal obligation 17. Which statements MUST be printed above the purchaser's signature one in each contract for sale of a timeshare?: The purchaser of a timeshare may cancel, by written notice, the contract of sale until midnight of the fifth calendar 1 / 14 Timeshare License Exam day. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract that is voidable by the purchaser. 18. Developer Tyson has defaulted on his project. Which clause provides protection for prior purchasers?: non-disturbance clause 19. How would a prospective purchaser get the BEST deal on a timeshare?- : buy it from an existing owner 20. The purchaser may cancel the transaction: until midnight of the 5th calendar day after signing 21. 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 22. 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 23. 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 24. The sale of a timeshare interests in the State of Nevada is regulated under the provisions of: Nevada revised statutes 119A 25. 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 26. Full disclosure: AKA truth and lending 27. Federal Reserve Board's Regulation Z is applicable to: Fees only, right to use only, campsite membership