Timeshare Test with correct Answers
The difference between timeshare use and time-share estate is - Correct Answers -
timeshare sells only right of occupancy, not fee simple estate.
Any prizes given to a time share participant: - Correct Answers -must be given without
obligation
A resort structured to allow for homeowner tenants and timeshare interest owners is
referred to as: - Correct Answers -mixed use resort
A Component Site - Correct Answers -means the specific geographical location where
units that are part of a time-share plan are located. The term includes units added to a
single project in the same specific geographic location and under common management
Blanket Encumbrance - Correct Answers -means any mortgage, deed of trust, option to
purchase, mechanic's lien, vendor's lien or interest under a contract or agreement for
sale, judgment lien, federal or state tax lien or other lien or encumbrance which secures
or evidences an obligation to pay money or to sell or convey any property made
available to purchasers by the developers of any portion thereof and which authorities,
permits or requires the foreclosure or other disposition of the property affected. The
term DOES NOT include a lien for taxes or assessments levied by any public authority
which are not due.
How many days does purchaser have to cancel a transaction? - Correct Answers -5
days
Who is responsible and liable for timeshare sales agent representatives? - Correct
Answers -project broker
How long must a project broker keep all records (public offering statement, receipts,
contracts, ie.) at the principal place of business? - Correct Answers -3 years
What is the public offering statement - Correct Answers -a report issued by the
administrator that is issued to every prospective purchaser authorizing a developer to
sell or offer to sell timeshares, issued by the administrator.
Who offers to dispose their interest in a timeshare? - Correct Answers -A developer
How often must a developer renew there license? - Correct Answers -annually
What is the fee for registration for Timeshare Representatives? How often must they
renew? - Correct Answers -$100;annually
The difference between timeshare use and time-share estate is - Correct Answers -
timeshare sells only right of occupancy, not fee simple estate.
Any prizes given to a time share participant: - Correct Answers -must be given without
obligation
A resort structured to allow for homeowner tenants and timeshare interest owners is
referred to as: - Correct Answers -mixed use resort
A Component Site - Correct Answers -means the specific geographical location where
units that are part of a time-share plan are located. The term includes units added to a
single project in the same specific geographic location and under common management
Blanket Encumbrance - Correct Answers -means any mortgage, deed of trust, option to
purchase, mechanic's lien, vendor's lien or interest under a contract or agreement for
sale, judgment lien, federal or state tax lien or other lien or encumbrance which secures
or evidences an obligation to pay money or to sell or convey any property made
available to purchasers by the developers of any portion thereof and which authorities,
permits or requires the foreclosure or other disposition of the property affected. The
term DOES NOT include a lien for taxes or assessments levied by any public authority
which are not due.
How many days does purchaser have to cancel a transaction? - Correct Answers -5
days
Who is responsible and liable for timeshare sales agent representatives? - Correct
Answers -project broker
How long must a project broker keep all records (public offering statement, receipts,
contracts, ie.) at the principal place of business? - Correct Answers -3 years
What is the public offering statement - Correct Answers -a report issued by the
administrator that is issued to every prospective purchaser authorizing a developer to
sell or offer to sell timeshares, issued by the administrator.
Who offers to dispose their interest in a timeshare? - Correct Answers -A developer
How often must a developer renew there license? - Correct Answers -annually
What is the fee for registration for Timeshare Representatives? How often must they
renew? - Correct Answers -$100;annually
