Nevada Timeshare Exam UPDATED Exam
Questions and CORRECT Answers
According to Nevada law, a time share is - CORRECT ANSWER - A. a vacation home
B. the right to use and occupy a unit on a recurrent periodic basis according to an arrangement
allocating this right among various owners whether or not there is an additional charge to the
owener for occupying the unit
C. a vacation condominium
D. a security or investment contract
correct answer B
Time Share types often include - CORRECT ANSWER - A. Deed ownership
B. Lease rights
C. Memberships in a club
D. All of the above
correct answer: D
A floating week interval include - CORRECT ANSWER - A. Owns a specific number of
weeks each year
B. Owns the same unit for the same, specific week each year
C. Owns points that can be used towards days at a resort, rental car or cruise
D. Has the right to use the club and all of its amenities
correct answer: A
Participants in exchange programs - CORRECT ANSWER - A. Cannot exchange or swap
privileges with other TimeShare owners
,B. Are always free to establish a relationship with an exchange company of their choosing
C. May be required to use the program included with the purchase of their Time Share
D. Are never charged an additional fee
correct answer: C
A developer has a four-flex that he has turned into Time Shares. Does he need to register with the
Division? - CORRECT ANSWER - A. No, because it is in a separate building.
B. Yes, all Time Shares must be registered
C. No, because it is fewer than 12 in a project
D. Yes, because they will create a homeowners association
correct answer: C
Developer Flinn has built a time share development in Park City, Utah. Flinn will be including
the marketing of this development with his Nevada developments, in a sales offering in Carson
City, NV. Does Flint need to hire a Project Broker and register with the Nevada Real Estate
Division? - CORRECT ANSWER - A. No, because the development is in Utah.
B. Yes, because it is being advertised/market in Nevada
correct answer B
An exchange program - CORRECT ANSWER - A. Is created to enable a Time Share
owner to exchange their occupancy with another Time Share owner
B. Enables a Time Share owner the ability to recoup some of their annual expenses and/or use
someone else's Time Share at the same facility
C. Must provide the purchaser of a Time Share with certain statements
D. All of the above
correct answer D
,Nevada law requires a developer who operates an exchange program to provide the purchaser
with the - CORRECT ANSWER - A. Names of the officers, directors and shareholders
owning at least 5% of the outstanding stock of the company
B. A statement indicating whether the purchasers' participation in the program is dependent upon
the continued inclusion of the Time Share plan in the program
C. A statement indicating whether the purchaser's membership or participation in the program is
voluntary or mandatory
D. All of the above
correct answer D
To make sure that any purchaser knows the criteria for arranging, receiving and depositing Time
Share rights, the developer's disclosure must - CORRECT ANSWER - A. Also provide the
purchaser with a statement indicating whether exchanges are arranged on the basis of available
space
B. Guarantee specific requests for exchanges
C. Verify that the purchaser will never lose the right to use and occupy a unit in a properly
applied for exchange
D. Always offer compensation if substitute accommodations are needed
correct answer A
If a time share owner wants to change a floating week of his/her time share week to another
resort for a fixed week, do you - CORRECT ANSWER - A. Enroll first in your home
resort and then into the exchange program
B. Go directly into the exchange program
C. Contact the Unit-Owners Association
correct answer A
, An exchange program enables - CORRECT ANSWER - A. Owners of Time Shares the
ability to exchange or swap privileges for a fee
B. Project Brokers to be able to change offices
C. Mangers of the Homeowner's Association to elect officers
D. Owners of Time Shares the ability to exchange or swap privileges without a fee
correct answer A
The Broker in charge of a Time Share Sales office is called a - CORRECT ANSWER - A.
Project Broker
B. Time Share Sales Agent Broker
correct answer A
A Project Broker is responsible for managing, educating, and monitoring salespeople, Time
Share Sales Agents, representatives, and employees - CORRECT ANSWER - A. True
B. False
correct answer B
The developer enters in the brokerage agreement with a client - CORRECT ANSWER - A.
True
B. False
correct answer B
Being behind on child support payments is - CORRECT ANSWER - A. Bad, but will not
prevent someone from obtain a sales agent license
B. Grounds for denying both a sales agent and broker's license
Questions and CORRECT Answers
According to Nevada law, a time share is - CORRECT ANSWER - A. a vacation home
B. the right to use and occupy a unit on a recurrent periodic basis according to an arrangement
allocating this right among various owners whether or not there is an additional charge to the
owener for occupying the unit
C. a vacation condominium
D. a security or investment contract
correct answer B
Time Share types often include - CORRECT ANSWER - A. Deed ownership
B. Lease rights
C. Memberships in a club
D. All of the above
correct answer: D
A floating week interval include - CORRECT ANSWER - A. Owns a specific number of
weeks each year
B. Owns the same unit for the same, specific week each year
C. Owns points that can be used towards days at a resort, rental car or cruise
D. Has the right to use the club and all of its amenities
correct answer: A
Participants in exchange programs - CORRECT ANSWER - A. Cannot exchange or swap
privileges with other TimeShare owners
,B. Are always free to establish a relationship with an exchange company of their choosing
C. May be required to use the program included with the purchase of their Time Share
D. Are never charged an additional fee
correct answer: C
A developer has a four-flex that he has turned into Time Shares. Does he need to register with the
Division? - CORRECT ANSWER - A. No, because it is in a separate building.
B. Yes, all Time Shares must be registered
C. No, because it is fewer than 12 in a project
D. Yes, because they will create a homeowners association
correct answer: C
Developer Flinn has built a time share development in Park City, Utah. Flinn will be including
the marketing of this development with his Nevada developments, in a sales offering in Carson
City, NV. Does Flint need to hire a Project Broker and register with the Nevada Real Estate
Division? - CORRECT ANSWER - A. No, because the development is in Utah.
B. Yes, because it is being advertised/market in Nevada
correct answer B
An exchange program - CORRECT ANSWER - A. Is created to enable a Time Share
owner to exchange their occupancy with another Time Share owner
B. Enables a Time Share owner the ability to recoup some of their annual expenses and/or use
someone else's Time Share at the same facility
C. Must provide the purchaser of a Time Share with certain statements
D. All of the above
correct answer D
,Nevada law requires a developer who operates an exchange program to provide the purchaser
with the - CORRECT ANSWER - A. Names of the officers, directors and shareholders
owning at least 5% of the outstanding stock of the company
B. A statement indicating whether the purchasers' participation in the program is dependent upon
the continued inclusion of the Time Share plan in the program
C. A statement indicating whether the purchaser's membership or participation in the program is
voluntary or mandatory
D. All of the above
correct answer D
To make sure that any purchaser knows the criteria for arranging, receiving and depositing Time
Share rights, the developer's disclosure must - CORRECT ANSWER - A. Also provide the
purchaser with a statement indicating whether exchanges are arranged on the basis of available
space
B. Guarantee specific requests for exchanges
C. Verify that the purchaser will never lose the right to use and occupy a unit in a properly
applied for exchange
D. Always offer compensation if substitute accommodations are needed
correct answer A
If a time share owner wants to change a floating week of his/her time share week to another
resort for a fixed week, do you - CORRECT ANSWER - A. Enroll first in your home
resort and then into the exchange program
B. Go directly into the exchange program
C. Contact the Unit-Owners Association
correct answer A
, An exchange program enables - CORRECT ANSWER - A. Owners of Time Shares the
ability to exchange or swap privileges for a fee
B. Project Brokers to be able to change offices
C. Mangers of the Homeowner's Association to elect officers
D. Owners of Time Shares the ability to exchange or swap privileges without a fee
correct answer A
The Broker in charge of a Time Share Sales office is called a - CORRECT ANSWER - A.
Project Broker
B. Time Share Sales Agent Broker
correct answer A
A Project Broker is responsible for managing, educating, and monitoring salespeople, Time
Share Sales Agents, representatives, and employees - CORRECT ANSWER - A. True
B. False
correct answer B
The developer enters in the brokerage agreement with a client - CORRECT ANSWER - A.
True
B. False
correct answer B
Being behind on child support payments is - CORRECT ANSWER - A. Bad, but will not
prevent someone from obtain a sales agent license
B. Grounds for denying both a sales agent and broker's license
