Tennessee Timeshare Test Questions With 100% Correct Answers!!

Administrator - Answer-The Real Estate Administrator Affiliate of the developer - Answer-Means any person who controls, is controlled by or is under common control with a developer, including a person who 1. Is a general partner, officer, director or employer of the developer. 2. Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with the power to vote , or hold proxies representing more than 20% of the voting interest in the developer. 3. Controls the election of the majority of the directors of the developer or 4. Has contributed more than 20% of the capital of the developer. Board - Answer-means the governing body designated in a timeshare instrument to act on behalf of any association Common area - Answer-Means the portion of a Timeshare project available to all units and occupancy ; the term Includes any easement which benefits the project Component site - Answer-means that specific geographic location where units that are part of a timeshare plan are located. That term includes units added to a single project in the same specific geographic location and under common management Division - Answer-means the Real Estate Division of the Department of Business and Industry. Limited common area - Answer-means a portion of Timeshare project available to at least one ,but not all , a timeshare instrument for the exclusive use of at least one, but not all of the units in a project Manager - Answer-means a person who undertakes directly or indirectly the duties responsibilities and obligations of managing in whole or in part a timeshare plan or Project or both in accordance with an agreement entered into pursuant NRS at 1:19A Material change - Answer-mean a change in any information or document that is part of the statement of record which renders the statement of record in accurate, incomplete or missingleading in such a way as to adversely affect the right or application of a purchaser. The term does not include a change A.in the real estate tax assessment or rate utility charges Or, deposit, maintenance fee, Association dues assessments, special assessment or any reoccurring timeshare expense item, if the change ismade now immediately to B. which is an aspect or result of the orderly development of the timeshare plan in accordance with the timeshare instrument if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement. C. Which correct spelling, grammar, omissions or other similar errors Yeah which does not affect the substance of the information or a document or D. Which occurs in the issuance of the updated annual report or disclosure document up and exchange company Project - Answer-means the real property which in whole or in part is the subject to a timeshare plan. Used interchangeably with Resort Persons - Answer-includes a government, a governmental agency and a political subdivision of government. Permit - Answer-means the authorization issue by the Administrator pursuant to the provisions of this chapter to a developer to offer to sell or sell timeshare. Includes both Preliminary Permit and the Permit to sale. Permanent identifying number - Answer-means a series of numbers or letters, or any combination there of, which identifies, for the duration of a timeshare plan, one timeshare in the plan Owner - Answer-means a person including a developer who has an equitable or a legal interest in a Timeshare . The term does not include a person who has an interest in a Timeshare solely as security for an obligation. Public offering statement - Answer-means a disclosure document prepared and signed by the developer and approved or deemed approved for use by the Division. Sales agent - Answer-means a person who on behalf of a developer in under the direct supervision of a person license pursuant to the provisions of chapter 645R as a broker sales or offers to sell a Timeshare to a purchaser or home, if he or she is not register as a representative, may add to induce other persons to attend a sales presentation on behalf of a developer.Statement of Record - Answerinformation provided to the Administrator. Project broker - Answer-means any person who coordinates the sale of Timeshare for one or more of Timeshare plan on behalf of one or more of developers and who is licensed as a real estate broker pursuant to the provision of chapter 645 NRS