TN Real estate-Timeshare Ownership question with correct answers rated A+ 2023

TN Real estate-Timeshare Ownership question with correct answers rated A+ 2023Timeshares - correct answer A timeshare property is one in which there is multiple shared ownership or multiple shared use of a piece of real estate. More than a hotel room, timeshares are condominium-style units that typically consist of one to three bedrooms, multiple bathrooms, a full kitchen, and a living room. Timeshares CONTINUE - correct answer They're nearly always furnished, and amenities such as indoor and outdoor swimming pools are common. Timeshares are nearly always found in resort locations—when else but vacation time would you want the use or ownership of a dwelling for only one to two weeks a year? timeshare estate is fee simple ownership - correct answer conveying all the rights of ownership. Timeshare estates are pieces of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year. If there were 52 owners, each owning the right to use the unit for one week a year, each would own 1/52 of the property. Like other forms of owned real estate, timeshare estates can be sold or passed down to heirs. timeshare estate is fee simple ownership CONTINUE - correct answer Some buyers of timeshares purchase them not simply for their vacation value, but for their anticipated appreciation over time. Any investment carries risk, however, and timeshares are no exception. Not all properties will appreciate, and some may decline in value. Resale timeshares often do not recoup the buyers' initial investment. right to use timeshare (also called a timeshare use) - correct answer doesn't convey ownership, but simply the right to occupy the property for one or two weeks a year, continuing for a specified number of years. The week or weeks to be used are specified in advance, with buyers of high-season dates paying more than low-season purchasers. Some timeshares allow owners to swap out their weeks if for some reason they can't use their designated week The majority of the timeshare market - correct answer fee simple: 70% fee simple, 30% right-to-use. Vacation ownership - correct answer is basically a way to prepay for a vacation rather than renting it. Buyers agree to a one-time purchase price and an annual maintenance fee, and in return get their selection of accommodation time and have the right to use the unit for a specified number of years. As with other timeshares, there are two types of vacation timeshares: right-to-use (timeshare use) and fee simple (timeshare estate) right-to-use vacation ownership - correct answer the buyer receives a lease on the property, usually for one to two weeks a year and for a specified number of years (15 to 50, or the owner's lifetime). Buyers can usually rent, give, or sell their time to others. right-to-use vacation ownership CONTINUE - correct answer Some vacation ownership plans operate on a "points" system where the buyers can book vacations in different locations based on the number of points purchased, with more popular resorts and dates costing more points, and less popular resorts and dates costing fewer points.