Nevada Timeshare License Practice Questions with Answers

The sale of timeshare interests in the State of Nevada is regulated under the provisions of: NRS 119a The law that regulates real estate in Nevada is: NRS 645 Who appoints the Administrator of the Real Estate Division? The Director of the Department of Business and Industry Who appoints the Director of the Department of Business and Industry? Governor Who selects and appoints the Project Broker? Developer If a timeshare agent initially becomes licensed on June 6, 2000, when will the license expire? June 30, 2002 If a Sales Agent allows their license to expire, there is a 1 year grace period in which they can still renew. In addition to the cost of the required 6 hours of continuing education, and license fee, the Agent will also have to pay for new fingerprints, and a Late Renewal Penalty of $________ to the Real Estate Division. How much is this penalty? $100 A timeshare owner with the same numbered week of ownership each year has... Fixed use What is fractional ownership? Ownership of an interval of 1 month to one-half year Having timeshare ownership that may be used seasonally or for a different week each year based on available and requiring a reservation is known as... Floating use Which of the following reasons would NOT be cause for the Real Estate Division to deny an application for timeshare sales license? Driving Record You have just completed making a timeshare sale. Your buyers go back to their hotel, and after dinner and a few cocktails, they have second thoughts about the purchase. Can they change their minds and get out of the deal? Yes, they have to right to revoke for any reason for 5 calendar days Ted and Alice Smith have arrived at their timeshare resort and produced the confirmed reservation for a unit. They are informed that the unit is NOT available. Ted goes through the roof, but Alice knows that they are entitled to all the following EXCEPT... A full refund of their purchase price