Timeshare License Exam Questions with 100 % Correct Answers

How long is a TSA license valid for? 2 years If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? June 30, 2002 (end of the month - 2 years later) If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will the license expire? June 30, 2010 (end of the month - 1 year later) An applicant for an original timeshare license MUST provide: An application, certificates for passing the examination and completing the 14 hour course, and $175 If a timeshare agent is served notice that the division has filed charges against him/her, he/she has how many days in which to file with the Division and answer to the charges? 20 days A developer may NOT make a material change in the timeshare plan without giving the Division at LEAST how many days notice? 10 days If the highest monthly total of deposits received by a project is $50,000 what is the amount of surety bond REQUIRED for the benefit of the purchasers? $50,000 What is a timeshare? A guaranteed reservation at the resort of your choice What is a fractional ownership? Ownership of an interval of 1 month to 1/2 year The value of an individual timeshare usually decreases in value An agreement between two or more parties is called a contract The following elements are necessary to create an agency relationship EXCEPT: consideration The following elements are necessary to create an agency relationship: perception of representation, understanding, and reliance Which of the following is NOT necessary to form a contract? performance