Timeshare Test #3
"Mental capacity" involves:
a. The legal age of the person signing the contract
b. Having a sound mind when signing the contract
c. Being able to read the contract
d. Being able to understand the effect and nature of the contract - ANS-d. Being able to
understand the effect and nature of the contract
"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 - ANS-That portion of a project which is
designated for separate use
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 - ANS-a. A lien which encumbers more than
one unit
A person or entity given responsibility and obligation for the daily operation of a timeshare resort
is:
a. A selling agent
b. The escrow agent
c. The resort manager
d. A timeshare representative - ANS-c. The resort manager
A person who is employed or engaged by a developer to induce or solicit persons to attend an
offer or sale of a timeshare property and to distribute information approved by the Division:
a. Licensed Real Estate Salesman
b. Respondent
c. Timeshare Representative
d. Timeshare Sales Agent - ANS-c. Timeshare Representative
A Project Broker shall give written notice to the Division of a change of association of any sales
agent associated with him within:
a. That same day
, b. Ten (10) days
c. Fifteen (15) days
d. Thirty (30) days - ANS-b. Ten (10) days
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 - ANS-c. no later than three days after a contract is signed
A Public Offering Statement will state on the cover sheet:
a. This Is A Disclosure Report
b. Approved By The Nevada Real Estate Division
c. Consumer Must Read This Report
d. Consumer Should Read This Report Before Signing Any Papers - ANS-d. Consumer Should
Read This Report Before Signing Any Papers
A salesperson owes which of the following duties to the prospective buyer?
a. Loyalty
b. A purchasing incentive
c. Disclosure of material defects
d. All of the above - ANS-d. All of the above
A timeshare deed is always subject to:
a. approval of the Administrator
b. a declaration
c. a financing statement
d. a mortgage - ANS-a. approval of the Administrator
A timeshare interest for which a buyer receives a Grant Deed for fee simple title is:
a. timeshare trust
b. vacation club
c. right to use
d. ownership project - ANS-d. ownership project
A timeshare program offering. purchaser use of a time share interval at different times of the
year with reservations based on availability is called:
a. interval ownership
b. floating time
c. exclusive time periods
d. fractional - ANS-b. floating time
A timeshare representative's registration is valid for:
a. 1 year
"Mental capacity" involves:
a. The legal age of the person signing the contract
b. Having a sound mind when signing the contract
c. Being able to read the contract
d. Being able to understand the effect and nature of the contract - ANS-d. Being able to
understand the effect and nature of the contract
"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 - ANS-That portion of a project which is
designated for separate use
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 - ANS-a. A lien which encumbers more than
one unit
A person or entity given responsibility and obligation for the daily operation of a timeshare resort
is:
a. A selling agent
b. The escrow agent
c. The resort manager
d. A timeshare representative - ANS-c. The resort manager
A person who is employed or engaged by a developer to induce or solicit persons to attend an
offer or sale of a timeshare property and to distribute information approved by the Division:
a. Licensed Real Estate Salesman
b. Respondent
c. Timeshare Representative
d. Timeshare Sales Agent - ANS-c. Timeshare Representative
A Project Broker shall give written notice to the Division of a change of association of any sales
agent associated with him within:
a. That same day
, b. Ten (10) days
c. Fifteen (15) days
d. Thirty (30) days - ANS-b. Ten (10) days
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 - ANS-c. no later than three days after a contract is signed
A Public Offering Statement will state on the cover sheet:
a. This Is A Disclosure Report
b. Approved By The Nevada Real Estate Division
c. Consumer Must Read This Report
d. Consumer Should Read This Report Before Signing Any Papers - ANS-d. Consumer Should
Read This Report Before Signing Any Papers
A salesperson owes which of the following duties to the prospective buyer?
a. Loyalty
b. A purchasing incentive
c. Disclosure of material defects
d. All of the above - ANS-d. All of the above
A timeshare deed is always subject to:
a. approval of the Administrator
b. a declaration
c. a financing statement
d. a mortgage - ANS-a. approval of the Administrator
A timeshare interest for which a buyer receives a Grant Deed for fee simple title is:
a. timeshare trust
b. vacation club
c. right to use
d. ownership project - ANS-d. ownership project
A timeshare program offering. purchaser use of a time share interval at different times of the
year with reservations based on availability is called:
a. interval ownership
b. floating time
c. exclusive time periods
d. fractional - ANS-b. floating time
A timeshare representative's registration is valid for:
a. 1 year
