Timeshare Test -3 with correct Answers 2025
"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 - AnswerThat 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 - Answermixed 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 - Answerinform 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 - Answerd. 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 - Answerb. 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 - Answera. 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 - Answera. 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 - Answerb. 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 - Answerb. 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 - Answera. 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 - Answerc. no later than three days after a contract is
signed
"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 - AnswerThat 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 - Answermixed 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 - Answerinform 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 - Answerd. 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 - Answerb. 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 - Answera. 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 - Answera. 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 - Answerb. 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 - Answerb. 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 - Answera. 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 - Answerc. no later than three days after a contract is
signed
