TN Real estate-Timeshare Ownership Test Questions With 100% Correct Answers!!

Timeshares - 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 condominiumstyle units that typically consist of one to three bedrooms, multiple bathrooms, a full kitchen, and a living room. Timeshares CONTINUE - 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 - 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 - 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) - 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 - Answer-fee simple: 70% fee simple, 30% right-to-use. Vacation ownership - 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 - 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 - 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. Fee simple ownership for a vacation timeshare - Answer-works in the same way as with other forms of timeshare: ownership can be enjoyed, sold, or passed down to heirs. campground membership - Answer-The owner of a campground membership buys the right to use the developer's facilities (e.g., camper and trailer hookup, restrooms) and may use the campground at any time during the year. Time-Share Act of 1981 - Answer-Tennessee aims to protect timeshare owners and prospective buyers by regulating advertising and discouraging scams and frauds. Misleading advertising of timeshare properties is illegal. Instruments - Answer-The documents (called "instruments" in legalese) that create a timeshare estate must contain language specifying the ownership interest, if any, in personal property, and explain how commonly owned property will be maintained and replaced, including provisions for capital improvements and commonly owned personal property belonging to the timeshare estates. Rescission Rights - Answer-Buyers and sellers must be provided with advance written notice of the right to rescind the transaction. Prior to consummating the transaction, the developer must give the intended buyer a copy of the public offering statement and any amendments and supplements. The contract is voidable by the buyer until receipt of the public offering statement and: •For 10 days after signing the contract if the buyer made an on-site inspection of the timeshare project prior to signing. •For 15 days after signing if the buyer didn't make an on-site inspection of the timeshare project prior to signing.If the buyer rescinds during the allowable time periods as stated above, no penalty applies and all payments made by the buyer before rescission must be refunded to the buyer within 30 days after cancellation notice. Statute of Limitations - Answer-The statute of limitations for timeshare lawsuits is four years after the date of the purchase