Timeshare Test #3 Questions & Answers Already Passed!!

"Unit" as used in NRS 119A means: a. A lot of any size b. The total timeshare unit c. That portion of a project which is designated for separate use d. A tract of land consisting of 15 acres or more - Answer-That portion of a project which is designated for separate use A timeshare resort having both whole unit owners and timeshare interest owners is referred to as: a. vacation destination resort b. tenancy in severalty resort c. timeshare trust d. mixed used resort - Answer-mixed used resort In Nevada a licensee who acts as an agent in a real estate transaction must disclose the duties owned to each party to the Real Estate transaction. The intent of the law is to: a. inform the parties of their legal rights b. inform the parties of the licensee's obligation to each of the parties under the timeshare contract c. inform the prospective purchaser of the duties owned by the developer d. both A & B - Answer-inform the parties of the licensee's obligation to each of the parties under the timeshare contract If a preliminary permit is issued to a timeshare developer which conditions must be met? a. the developer must deliver a bond or cash deposit to cover completion b. developer assures all deposits are refundable c. the permit must contain the estimated date of completiond. All of the above conditions must be satisfied - Answer-d. All of the above conditions must be satisfied The term "Floating Time" refers to: a. an exchange program b. a non-specific use period within a season or broader time period c. maritime timesharing d. right to use - Answer-b. a non-specific use period within a season or broader time period A timeshare deed is always subject to: a. approval of the Administrator b. a declaration c. a financing statement d. a mortgage - Answer-a. approval of the Administrator The name of the state mandated disclosure document required to be provided to a prospective purchaser to purchase a timeshare is: a. Public Offering Statement b. Timeshare Instrument c. Nevada Statement of Record d. Public Report Statement - Answer-a. Public Offering Statement The term "fee title" means: a. a lease on the property for a given number of years b. ownership with a deed c. the fee for the Title Insurance d. the right to use through a Trust Agreement - Answer-b. ownership with a deedThe term "fixed unit" refers to: a. restoration and repair of a unit b. specific unit c. a sold unit A lien which encumbers d. a mortgaged unit - Answer-b. specific unit