TIMESHARE
TIMESHARE LICENSE EXAM QUESTIONS
AND ANSWERS UPDATED (2024/2025)
(VERIFIED ANSWERS)
Developer Douglas has submitted an application to the administrator for a
permit to sell timeshares. The Division shall issue an order within how
many days after the receipt of the application? - ANS ✓30 days
The administrator has scheduled an informal meeting to discuss certain
sales practices at Douglas' promotional meetings. Which of the following is
NOT true? - ANS ✓1. Matters discussed or materials presented may be used in
any subsequent formal hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under
the provisions of - ANS ✓Nevada revised statutes 119A
MOST timeshare units are sold on credit. These lending arrangements
MUST comply with Regulation Z of the Federal Reserve Board. The
PRIMARY purpose of Regulation Z, as applied to timeshare sales, is to
assure: - ANS ✓Full disclosure of all financing costs and charges
Full disclosure - ANS ✓AKA truth and lending
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TIMESHARE LICENSE
,TIMESHARE
Federal Reserve Board's Regulation Z is applicable to - ANS ✓Fees only, right
to use only, campsite membership
Financing of individual unit sales is MOST often provided by - ANS ✓the
developer
Anyone purchasing timeshare MUST - ANS ✓sign a written contract
After a purchaser has signed the timeshare purchase agreement, the
purchaser may - ANS ✓cancel the agreement at any time in the next 5 days
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? -
ANS ✓Yes, they have the right to revoke for any reason for 5 calendar days
If the timeshare project is affiliated with a timeshare purchase agreement,
the purchaser may - ANS ✓pay any or all fees charged by the exchange plan for
the first 2 years
On what is the timeshare project developer responsible with regards to
maintenance charges? - ANS ✓All unsold timeshare units
Nevada law REQUIRES all timeshare sales agents to: - ANS ✓take 14 hours of
continuing education every 2 years
(correct: 6 hours of continuing education)
All of the following statements are TRUE about an owners' association
EXCEPT - ANS ✓is formed primarily for the purpose of selling timeshare
interests in the resort
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TIMESHARE LICENSE
, TIMESHARE
It is discovered that the title of a project is "un-merchantable" because an
easement has been found which may NOT be removed. What should a
timeshare sales agent do? - ANS ✓Not attempt to sell a unit where the title is
un merchantable
Ted and Alice Lastly have arrived at their timeshare resort and produce the
confirmed reservation for a unit. They are informed that the unit is NOT
available. Ted goes through the roof, but Alice has read up on a Timeshare
Owner's Rights in NEvada. She listens politely to the apologies of the desk
clerk, then demands to see the representative of the owner's association, or
if there is no representative, then the developer. Alice knows that they are
entitled to all of the following EXCEPT: - ANS ✓a full refund of their purchase
price
Which of the following is NOT commingling? - ANS ✓Placing the customer's
deposit in your wallet temporarily until you turn it over to the broker or sales
manager
Failure to turn over the money received in the course of a timeshare
interval sale within a reasonable time is a violation of - ANS ✓NRS 199A
How many days does a developer have to refund any deposits collected if a
purchaser chooses to cancel the contract to purchase? - ANS ✓20 days
The Civil Rights Act of 1866 - ANS ✓prohibited discrimination based on race in
real estate transactions
The Civil Rights Act of 1964 prohibited discriminations based on all of the
following EXCEPT - ANS ✓sex
A property manager refuses to rent an office because the rental applicant is
an African-American. The applicant has legal recourse under - ANS ✓Civil
Rights Act of 1866
3
TIMESHARE LICENSE
TIMESHARE LICENSE EXAM QUESTIONS
AND ANSWERS UPDATED (2024/2025)
(VERIFIED ANSWERS)
Developer Douglas has submitted an application to the administrator for a
permit to sell timeshares. The Division shall issue an order within how
many days after the receipt of the application? - ANS ✓30 days
The administrator has scheduled an informal meeting to discuss certain
sales practices at Douglas' promotional meetings. Which of the following is
NOT true? - ANS ✓1. Matters discussed or materials presented may be used in
any subsequent formal hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under
the provisions of - ANS ✓Nevada revised statutes 119A
MOST timeshare units are sold on credit. These lending arrangements
MUST comply with Regulation Z of the Federal Reserve Board. The
PRIMARY purpose of Regulation Z, as applied to timeshare sales, is to
assure: - ANS ✓Full disclosure of all financing costs and charges
Full disclosure - ANS ✓AKA truth and lending
1
TIMESHARE LICENSE
,TIMESHARE
Federal Reserve Board's Regulation Z is applicable to - ANS ✓Fees only, right
to use only, campsite membership
Financing of individual unit sales is MOST often provided by - ANS ✓the
developer
Anyone purchasing timeshare MUST - ANS ✓sign a written contract
After a purchaser has signed the timeshare purchase agreement, the
purchaser may - ANS ✓cancel the agreement at any time in the next 5 days
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? -
ANS ✓Yes, they have the right to revoke for any reason for 5 calendar days
If the timeshare project is affiliated with a timeshare purchase agreement,
the purchaser may - ANS ✓pay any or all fees charged by the exchange plan for
the first 2 years
On what is the timeshare project developer responsible with regards to
maintenance charges? - ANS ✓All unsold timeshare units
Nevada law REQUIRES all timeshare sales agents to: - ANS ✓take 14 hours of
continuing education every 2 years
(correct: 6 hours of continuing education)
All of the following statements are TRUE about an owners' association
EXCEPT - ANS ✓is formed primarily for the purpose of selling timeshare
interests in the resort
2
TIMESHARE LICENSE
, TIMESHARE
It is discovered that the title of a project is "un-merchantable" because an
easement has been found which may NOT be removed. What should a
timeshare sales agent do? - ANS ✓Not attempt to sell a unit where the title is
un merchantable
Ted and Alice Lastly have arrived at their timeshare resort and produce the
confirmed reservation for a unit. They are informed that the unit is NOT
available. Ted goes through the roof, but Alice has read up on a Timeshare
Owner's Rights in NEvada. She listens politely to the apologies of the desk
clerk, then demands to see the representative of the owner's association, or
if there is no representative, then the developer. Alice knows that they are
entitled to all of the following EXCEPT: - ANS ✓a full refund of their purchase
price
Which of the following is NOT commingling? - ANS ✓Placing the customer's
deposit in your wallet temporarily until you turn it over to the broker or sales
manager
Failure to turn over the money received in the course of a timeshare
interval sale within a reasonable time is a violation of - ANS ✓NRS 199A
How many days does a developer have to refund any deposits collected if a
purchaser chooses to cancel the contract to purchase? - ANS ✓20 days
The Civil Rights Act of 1866 - ANS ✓prohibited discrimination based on race in
real estate transactions
The Civil Rights Act of 1964 prohibited discriminations based on all of the
following EXCEPT - ANS ✓sex
A property manager refuses to rent an office because the rental applicant is
an African-American. The applicant has legal recourse under - ANS ✓Civil
Rights Act of 1866
3
TIMESHARE LICENSE
