Section 5: Arizona Timeshares Exam
Questions and Answers
Timeshare property - Correct Answers -property in which there is multiple shared
ownership or multiple shared use of a piece of real estate.
Timeshare Estate (fee simple ownership) - Correct Answers -pieces of real estate
owned by multiple, unrelated individuals who, in addition to their ownership rights, each
hold the right to occupy the dwelling unit in one to two week intervals during the year.
- If there were 52 owners, each owning the right to use the unit for one week a year,
each would own 1/52 of the property
- Such an estate may be held as a tenancy in common or an interval ownership.
- Can be sold or passed down to heirs
tenancy in common - Correct Answers -A separate agreement must be executed to
establish the specific time period for use
interval ownership - Correct Answers -An estate for years in which the buyer has
ownership of and title to the unit for the time selected and the number of years
designated upon purchase.
When can closing of a timeshare occur? - Correct Answers -After the 10-day
cancellation period runs out.
Requirements for Timeshare Sales Pitches in Arizona - Correct Answers -- sales
pitch/tour must be less than two hours in order to receive the premium offered
- developers must provide written disclosures regarding the offered premium's
estimated retail value and any conditions or requirements, including the time limit for a
site visit or presentation to all prospects before the tour or presentation begins
Requirements for Timeshare Sales Promotions and Advertising - Correct Answers -
Developers should submit copies of all promotional and advertising materials to the
commissioner within 10 days of the commissioner's request. The commissioner will then
either approve or disapprove any of the materials within 15 days, explaining any
disapprovals. The commissioner may give provisional approval if developers agree to
address any defects, flaws, or shortcomings in the advertising.
advertising - Correct Answers -Any communication, including oral statements or sales
literature.
Questions and Answers
Timeshare property - Correct Answers -property in which there is multiple shared
ownership or multiple shared use of a piece of real estate.
Timeshare Estate (fee simple ownership) - Correct Answers -pieces of real estate
owned by multiple, unrelated individuals who, in addition to their ownership rights, each
hold the right to occupy the dwelling unit in one to two week intervals during the year.
- If there were 52 owners, each owning the right to use the unit for one week a year,
each would own 1/52 of the property
- Such an estate may be held as a tenancy in common or an interval ownership.
- Can be sold or passed down to heirs
tenancy in common - Correct Answers -A separate agreement must be executed to
establish the specific time period for use
interval ownership - Correct Answers -An estate for years in which the buyer has
ownership of and title to the unit for the time selected and the number of years
designated upon purchase.
When can closing of a timeshare occur? - Correct Answers -After the 10-day
cancellation period runs out.
Requirements for Timeshare Sales Pitches in Arizona - Correct Answers -- sales
pitch/tour must be less than two hours in order to receive the premium offered
- developers must provide written disclosures regarding the offered premium's
estimated retail value and any conditions or requirements, including the time limit for a
site visit or presentation to all prospects before the tour or presentation begins
Requirements for Timeshare Sales Promotions and Advertising - Correct Answers -
Developers should submit copies of all promotional and advertising materials to the
commissioner within 10 days of the commissioner's request. The commissioner will then
either approve or disapprove any of the materials within 15 days, explaining any
disapprovals. The commissioner may give provisional approval if developers agree to
address any defects, flaws, or shortcomings in the advertising.
advertising - Correct Answers -Any communication, including oral statements or sales
literature.
