Timeshare License Exam
Questions with All Correct
Answers
Developer Douglas has unsold weeks in inventory. He MUST pay assessments for any
timeshares which are unsold or - Answer-enter into an agreement with the association
to pay the difference between expenses incurred and amounts payable
For unsold timeshare units, who is responsible for assessment? - Answer-Developer,
unless a subsidy agreement has been entered into with the owners association
To ensure that the budget for annual expenses of a timeshare project is covered, who is
responsible for paying assessments on unsold timeshare interests? - Answer-Developer
Which of the following statements is false about timeshare representatives? - Answer-
they can only make honest representation concerning the merits or value of a timeshare
project
A developer shall NOT - Answer-1. offer to sell any timeshare in this state unless he
holds a preliminary permit or a permit to sell timeshares issued by the administration
2. sell any timeshares in this state unless he holds a permit to sell timeshares issued by
the administration
3. offer to sell or sell a timeshare in this state unless he has named a person to at as a
project broker
4. do all of the above
(correct: do all of the above)
If a developer conducts business that is NOT in compliance with the provisions of NRS
119, the administrator may issue an Order of Cease to the developer. The developer
may then file a petition for a hearing within how many days after receiving the Order of
Cease? - Answer-30 days
Where are the license feed paid by timeshare agents deposited? - Answer-In the
general funds
, Can a timeshare agent pay a referral fee to another timeshare agent - Answer-No,
because all compensation for licensed activity must come from the broker
How long is a developer's registration valid for? - Answer-1 year
What is the minimum age which a person may receive a timeshare license? - Answer-
18
A project broker shall give a written notice to the Real Estate Division of a change of
association of any sales agent affiliated with him within - Answer-10 days
Developer Smith is planning to sell timeshares in Nevada. He may sell - Answer-
timeshares in Nevada with a permit issued by the Division
The Chief Officer of the Real Estate Division is the - Answer-Administrator of the Real
Estate Division
The authorization issued by the administrator to a developer to sell, or offer to sell,
timeshares is called the - Answer-preliminary permit
What effect does the existence of a "blanket encumbrance" have on the sale of
timeshare at a project? - Answer-Escrow may not close unless the project is free of any
"blanket encumbrance"
The day-to-day operation of a timeshare resort facility is done by the - Answer-resort
manager employed by the project developer or owners association
All of the following are TRUE about a registered representative EXCEPT - Answer-a
representative may work for multiple developers
When a timeshare resort offers a purchaser the use of a timeshare interval at different
times of the year with reservations based on availability, the concept is called - Answer-
floating time
Maintenance week or weeks may be used for - Answer-maintenance or refurbishing
A timeshare resor thawing both whole unit owners and timeshare owners is referred to
as a - Answer-mixed-use resort
An interval sold subject to availability is referred to as - Answer-floating time
By definition, any person who sells, or offers to sell, his interest in a timeshare is a -
Answer-developer
By definition, the real property in which timeshares are created by single instrument, or
set of instruments, is called - Answer-a project
Questions with All Correct
Answers
Developer Douglas has unsold weeks in inventory. He MUST pay assessments for any
timeshares which are unsold or - Answer-enter into an agreement with the association
to pay the difference between expenses incurred and amounts payable
For unsold timeshare units, who is responsible for assessment? - Answer-Developer,
unless a subsidy agreement has been entered into with the owners association
To ensure that the budget for annual expenses of a timeshare project is covered, who is
responsible for paying assessments on unsold timeshare interests? - Answer-Developer
Which of the following statements is false about timeshare representatives? - Answer-
they can only make honest representation concerning the merits or value of a timeshare
project
A developer shall NOT - Answer-1. offer to sell any timeshare in this state unless he
holds a preliminary permit or a permit to sell timeshares issued by the administration
2. sell any timeshares in this state unless he holds a permit to sell timeshares issued by
the administration
3. offer to sell or sell a timeshare in this state unless he has named a person to at as a
project broker
4. do all of the above
(correct: do all of the above)
If a developer conducts business that is NOT in compliance with the provisions of NRS
119, the administrator may issue an Order of Cease to the developer. The developer
may then file a petition for a hearing within how many days after receiving the Order of
Cease? - Answer-30 days
Where are the license feed paid by timeshare agents deposited? - Answer-In the
general funds
, Can a timeshare agent pay a referral fee to another timeshare agent - Answer-No,
because all compensation for licensed activity must come from the broker
How long is a developer's registration valid for? - Answer-1 year
What is the minimum age which a person may receive a timeshare license? - Answer-
18
A project broker shall give a written notice to the Real Estate Division of a change of
association of any sales agent affiliated with him within - Answer-10 days
Developer Smith is planning to sell timeshares in Nevada. He may sell - Answer-
timeshares in Nevada with a permit issued by the Division
The Chief Officer of the Real Estate Division is the - Answer-Administrator of the Real
Estate Division
The authorization issued by the administrator to a developer to sell, or offer to sell,
timeshares is called the - Answer-preliminary permit
What effect does the existence of a "blanket encumbrance" have on the sale of
timeshare at a project? - Answer-Escrow may not close unless the project is free of any
"blanket encumbrance"
The day-to-day operation of a timeshare resort facility is done by the - Answer-resort
manager employed by the project developer or owners association
All of the following are TRUE about a registered representative EXCEPT - Answer-a
representative may work for multiple developers
When a timeshare resort offers a purchaser the use of a timeshare interval at different
times of the year with reservations based on availability, the concept is called - Answer-
floating time
Maintenance week or weeks may be used for - Answer-maintenance or refurbishing
A timeshare resor thawing both whole unit owners and timeshare owners is referred to
as a - Answer-mixed-use resort
An interval sold subject to availability is referred to as - Answer-floating time
By definition, any person who sells, or offers to sell, his interest in a timeshare is a -
Answer-developer
By definition, the real property in which timeshares are created by single instrument, or
set of instruments, is called - Answer-a project
