NEVADA TIMESHARE LICENSE
PRACTICE QUESTIONS AND ANSWERS
100% ACCURATE.
, The sale of timeshare interests in the State of Nevada is regulated under the provisions
of: - ANSWERNRS 119a
The law that regulates real estate in Nevada is: - ANSWERNRS 645
Who appoints the Administrator of the Real Estate Division? - ANSWERThe Director of
the Department of Business and Industry
Who appoints the Director of the Department of Business and Industry? -
ANSWERGovernor
Who selects and appoints the Project Broker? - ANSWERDeveloper
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license
expire? - ANSWERJune 30, 2002
If a Sales Agent allows their license to expire, there is a 1 year grace period in which
they can still renew. In addition to the cost of the required 6 hours of continuing
education, and license fee, the Agent will also have to pay for new fingerprints, and a
Late Renewal Penalty of $________ to the Real Estate Division. How much is this
penalty? - ANSWER$100
A timeshare owner with the same numbered week of ownership each year has... -
ANSWERFixed use
What is fractional ownership? - ANSWEROwnership of an interval of 1 month to one-
half year
Having timeshare ownership that may be used seasonally or for a different week each
year based on available and requiring a reservation is known as... - ANSWERFloating
use
Which of the following reasons would NOT be cause for the Real Estate Division to
deny an application for timeshare sales license? - ANSWERDriving Record
You have just completed making a timeshare sale. Your buyers go back to their hotel,
and after dinner and a few cocktails, they have second thoughts about the purchase.
Can they change their minds and get out of the deal? - ANSWERYes, they have to right
to revoke for any reason for 5 calendar days
Ted and Alice Smith have arrived at their timeshare resort and produced the confirmed
reservation for a unit. They are informed that the unit is NOT available. Ted goes
PRACTICE QUESTIONS AND ANSWERS
100% ACCURATE.
, The sale of timeshare interests in the State of Nevada is regulated under the provisions
of: - ANSWERNRS 119a
The law that regulates real estate in Nevada is: - ANSWERNRS 645
Who appoints the Administrator of the Real Estate Division? - ANSWERThe Director of
the Department of Business and Industry
Who appoints the Director of the Department of Business and Industry? -
ANSWERGovernor
Who selects and appoints the Project Broker? - ANSWERDeveloper
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license
expire? - ANSWERJune 30, 2002
If a Sales Agent allows their license to expire, there is a 1 year grace period in which
they can still renew. In addition to the cost of the required 6 hours of continuing
education, and license fee, the Agent will also have to pay for new fingerprints, and a
Late Renewal Penalty of $________ to the Real Estate Division. How much is this
penalty? - ANSWER$100
A timeshare owner with the same numbered week of ownership each year has... -
ANSWERFixed use
What is fractional ownership? - ANSWEROwnership of an interval of 1 month to one-
half year
Having timeshare ownership that may be used seasonally or for a different week each
year based on available and requiring a reservation is known as... - ANSWERFloating
use
Which of the following reasons would NOT be cause for the Real Estate Division to
deny an application for timeshare sales license? - ANSWERDriving Record
You have just completed making a timeshare sale. Your buyers go back to their hotel,
and after dinner and a few cocktails, they have second thoughts about the purchase.
Can they change their minds and get out of the deal? - ANSWERYes, they have to right
to revoke for any reason for 5 calendar days
Ted and Alice Smith have arrived at their timeshare resort and produced the confirmed
reservation for a unit. They are informed that the unit is NOT available. Ted goes
