Tennessee Timeshare Practice Exam Questions And Answers Rated 100% Correct!!

Timeshare units can be created: - Answer-in any unit unless prohibited by local laws Receipt of Public Offering Statement shall take place no later than: - Answer-Date of sale To be valid, a Public Offering Statement must be: - Answer-signed and dated Disclosure of Recession of Rights must appear in bold face print in the: - Answer-contract and public offering statement Escrow account for timeshare sale shall not be held by: - Answer-the developer Who is ultimately responsible for Escrow funds? - Answer-the broker Any person other than a developer or lender who acquires an interest in a Timeshare is called: - Answer-purchaser A person visits a Timeshare resort in Tennessee and signs a contract of sale. The maximum recession period for this person is: - Answer-10 days A timeshare contract is voidable by purchaser until: - Answer-a 10 day recession period has passed and until they have received a public offering statement A person who solicits people to attend a timeshare presentation is: - Answer-an acquisition agent A person who exchanges timeshare intervals in exchange programs with other timeshare intervals is called a/an: - Answer-exchange agent Price increase in timeshare can NOT be announced more than how many days prior to the effective date? - Answer-60 daysIf an unlicensed person is fined by TREC, not the court, the maximum fine is ______ per offense. - Answer-$1,000 The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - Answer-to protect the public A timeshare resort may offer a promotional gift as an inducement to tour if all the following conditions are met EXCEPT: - Answer-it must be approved by the Tennessee Real Estate Commission The TN Real Estate Commission has the authority to perform the following duties EXCEPT: - Answersentence a guilty licensee to a jail term There are ____ members of the TN Real Estate Commission - Answer-9 The TN Real Estate Commission is declared to be: - Answer-a judicial body Errors and Omission Insurance is required: - Answer-as a condition of licensing Who appoints individuals to the TN Real Estate Commission: - Answer-the governor The term "person" means: - Answer-an individual, corporations, and partnerships A person who violates the law by selling timeshares without a license is guilty of: - Answer-class B misdemeanor In order for a license to be revoked or suspended by the TN Real Estate Commission it takes a vote of: - Answer-a majority of the commission The Education of Recovery Fund: - Answer-applies to all licensee and firms All licenses expire: - Answer-two years from the date of being licensed The most any license can have paid out of the Education and Recovery fund is: - Answer-$30,000Who is responsible to see that a licensee's fees and education are up to date? - Answer-licensee The TN Timeshare Act was established in: - Answer-1981