Timeshare Test #3 100% Correctly Solved

Timeshare Test #3 100% Correctly Solved "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 - Correct 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 - Correct 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 - Correct 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 completion d. All of the above conditions must be satisfied - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct Answer ️️ -b. ownership with a deed The 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 - Correct Answer ️️ -b. specific unit A blanket encumbrance is described as: a. A lien which encumbers more than one unit b. A lien which encumbers one unit c. A lien which encumbers only a partial unit d. A lien which encumbers only handicapped units - Correct Answer ️️ -a. A lien which encumbers more than one unit A prospective purchaser should receive the disclosure of duties owned by: a. Nevada Real Estate licensee b. as soon as practicable c. no later than three days after a contract is signed d. during the verification process - Correct Answer ️️ -c. no later than three days after a contract is signed References to distances in advertising in NRS119A: a. must disclose distances "as the crow" flies b. must disclose mileage along roads and the type of roads travelled c. must not be used d. must disclose the mileage from the farthest point in the timeshare - Correct Answer ️️ -b. must disclose mileage along roads and the type of roads travelled By definition a person who sells or offers to sell timeshare is: a. a timeshare developer b. a Project Broker c. a timeshare agent d. a timeshare owner - Correct Answer ️️ -c. a timeshare agent A Public Offering Statement will state on the cover sheet: a. This Is A Disclosure Report b. Approved By The Nevada Real Estate Division c. Consumer Must Read This Report d. Consumer Should Read This Report Before Signing Any Papers - Correct Answer ️️ -d. Consumer Should Read This Report Before Signing Any Papers The initial manager of a timeshare project is hired by: a. The Owner's Association b. The Developer c. The Real Estate Division d. The Project Broker - Correct Answer ️️ -b. The Developer The timeshare agent refused to sell the timeshare to an African American. This refusal is prohibited by: a. The Owner's Association b. The Developer c. The Real Estate Division d. The Project Broker - Correct Answer ️️ -b. The Developer What protection does a purchase need in the event the developer defaults on a project? a. Right to use clause b. Contractual agreement c. Non-disturbance clause d. Project Broker's signature - Correct Answer ️️ -c. Non-disturbance clause Any sales presentation given to any number of potential purchasers at one time at any location is called: a. A common promotional plan b. a direct sales approach c. a promotional meeting d. an off premises contact - Correct Answer ️️ -c. a promotional meeting "Mental capacity" involves: a. The legal age of the person signing the contract b. Having a sound mind when signing the contract c. Being able to read the contract d. Being able to understand the effect and nature of the contract - Correct Answer ️️ - d. Being able to understand the effect and nature of the contract The Administrator may impose a fine or suspend or revoke any sales agent's license if the sales agent is found guilty of: a. a felony or other crime of moral turpitude or has entered a plea of "nolo contender" to a felony or a crime involving moral turpitude b. Engaging in any fraudulent, misleading or oppressive sales techniques or tactics c. Making any false promises of a character likely to influence or persuade, or induce d. All of the above - Correct Answer ️️ -d. All of the above A timeshare program offering. purchaser use of a time share interval at different times of the year with reservations based on availability is called: a. interval ownership b. floating time c. exclusive time periods d. fractional - Correct Answer ️️ -b. floating time Under NRS 119A the licensed one who coordinates the sale of timeshare for developers and to whom sales agents and representatives are responsible is: a. the General Sales Manager b. the Administrator of the Project c. the Project Broker d. the Project Developer - Correct Answer ️️ -c. the Project Broker A timeshare interest for which a buyer receives a Grant Deed for fee simple title is: a. timeshare trust b. vacation club c. right to use d. ownership project - Correct Answer ️️ -d. ownership project To find the Covenants, Conditions and Restrictions in a project or tim