Timeshare Test #1 Questions and Answers Rated A+

Timeshare Test #1 Questions and Answers Rated A+ An owner who has a leasehold in a timeshare condominium has: A. Whole ownership B. Fee simple ownership C. Interval of time D. Cooperative C. Interval of time A timeshare agent is a person who is A. Project Broker B. Person who sells timeshares on behalf of a developer C. Person who induces others to attend a timeshare presentation B. Person who sells timeshares on behalf of a developer Until closing, all monies, negotiable instruments or other deposits pertaining to the sale of a timeshare must be placed in: A. An escrow agent account approved by the Division B. A trustee account approved by the Division C. Brokers personal bank account D. Brokers trust account A. An escrow agent account approved by the Division Which document must be reviewed and signed by the purchaser before the execution of any contract for the sale of the timeshare: A. Truth in Lending B. Public offering Statement C. Acknowledgments D. Purchase agreement B. Public offering Statement A right to use timeshare project offers the purchaser of a timeshare interest: A. Fee simple interest B. Membership in a club C. Tenancy in common D. Joint tenancy B. Membership in a club Developers must comply with laws from what government agency? Federal, City, and State A state in NRS 119A.120 who is defined as a representative? A person who is not a sales agent but who on behalf of developer induces other persons to attend a sales presentation Who or what below is not included in the definition of a "Person" as stated in NRS 119A.070? A. A government B. A purchaser C. A government agency D. A political subdivision of a government B. A purchaser As stated in NRS 119A.370 a timeshare must not be offered for sale in this state until the advertisement or offering is approved by the division A. True. B. False. A. True Timeshares and timeshare projects, as referred to in the NRD 119A.200, are subject to licensing by local governments for revenue: A. True. B. False. A. True. The sale of a timeshare or transfer of a timeshare that was previously sold to a purchaser is.. Timeshare resale When a timeshare resort offers a purchaser the use of a timeshare interval at different times of the year with reservations based on availability this concept is called... Floating Time A person who wishes to list, advertise for sale, solicit prospective purchasers or promote or resell 12 or more timeshares that were previously sold must: A. Be a selling agent