Tennessee Timeshare License Exam with 100% Correct Answers

What is an acquisition agent? <<Ans>> People who solicit others to attend a presentation When does your license expire? <<Ans>> 2 years from the date of issuance What are the powers of the commission? <<Ans>> The can fine you, suspend your license, or refer you to court. If your license is expired, how can you get reinstated? <<Ans>> Retake the test What is an escrow account? <<Ans>> Deposit for purchase into a bank account Who is the developer and can they be refused a license? <<Ans>> The person or entity which is in the business of creating or selling any timeshare program What is the project? <<Ans>> The developement What is an exchange agent? <<Ans>> RCI What can be a timeshare? <<Ans>> Anything unless it is prohibited by other documents What is a project instrument? <<Ans>> All documents associated with the timeshare If the property is not a timeshare, what is it? <<Ans>> A rental or whole ownership When do we present the public offering statement? <<Ans>> The first thing in the closing, it must contain the rescission statement in it. What is the rescission/cancellation period in TN? <<Ans>> 10 or 15 days How long does one have to submit a complaint if they feel they have been discriminated against? <<Ans>> 180 days How long do you have to spend as an affiliate broker before you can apply for a broker license? <<Ans>> Three Years What is errors and ommision insurance? Who has to have it? <<Ans>> All agents must have insurance to protect them against inadequate or negative actions How long after passing your test can you apply for your license? <<Ans>> 6 months Who is responsible to renew your license? <<Ans>> I am What does not have to be in the Truth and Lending Statement? <<Ans>> Property Value In advertising, what does misleading mean? <<Ans>> Any statement action or laim which is untrue What can you do if a guest does not have their gifts after 72 hours?? <<Ans>> Give them the gifts or the cash equivalent What can be guaranteed to a purchaser? <<Ans>> Anything in writing What are multiple owners called? <<Ans>> Tenants in common When may TREC request access to your office records? <<Ans>> Anytime during business hours What is the purpose of TREC? <<Ans>> To protect the public What documents are not contracts? <<Ans>> DEEDS Who can void the contract during the rescission period? <<Ans>> Both the buyer and seller What is an example of a voidable contract? <<Ans>> It lacks enforceability Who is responsible for misleading advertising? <<Ans>> The person who placed the ad and the principal broker What would keep a developer from obtaining a license? <<Ans>> Bankruptcy or moral issues If your boss tells you to sell to women only, and you comply, what are you guilty of? <<Ans>> A variety of discriminatory actions When is a public offering statement not required? <<Ans>> During resale Before a timeshare is a timeshare, what is it? <<Ans>> A project Can you indicated that a prospective tour has won a prize? <<Ans>> NO Can you misstate the value of a gift? <<Ans>> NO What must be stated in a Truth of Lending? <<Ans>> Disclosure of everything related to a loan