TIMESHARE LICENSE EXAM FIRST 10
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, How long is a TSA license valid for? - ANSWER2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license
expire? - ANSWERJune 30, 2002 (end of the month - 2 years later)
An applicant for an original timeshare license MUST provide: - ANSWERAn application,
certificates for passing the examination and completing the 14 hour course, and $175
If a timeshare agent is served notice that the division has filed charges against him/her,
he/she has how many days in which to file with the Division and answer to the charges?
- ANSWER20 days
A developer may NOT make a material change in the timeshare plan without giving the
Division at LEAST how many days notice? - ANSWER10 days
If the highest monthly total of deposits received by a project is $50,000 what is the
amount of surety bond REQUIRED for the benefit of the purchasers? -
ANSWER$50,000
What is a timeshare? - ANSWERA guaranteed reservation at the resort of your choice
What is a fractional ownership? - ANSWEROwnership of an interval of 1 month to 1/2
year
The value of an individual timeshare usually - ANSWERdecreases in value
An agreement between two or more parties is called - ANSWERa contract
The following elements are necessary to create an agency relationship EXCEPT: -
ANSWERconsideration
Which of the following is NOT necessary to form a contract? - ANSWERperformance
The essential parts of a written contract include - ANSWERcompetent parties, mutual
consent, consideration, and legal obligation
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - ANSWERnon-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - ANSWERbuy
it from an existing owner
PAGES(100% ACCURATE)
, How long is a TSA license valid for? - ANSWER2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license
expire? - ANSWERJune 30, 2002 (end of the month - 2 years later)
An applicant for an original timeshare license MUST provide: - ANSWERAn application,
certificates for passing the examination and completing the 14 hour course, and $175
If a timeshare agent is served notice that the division has filed charges against him/her,
he/she has how many days in which to file with the Division and answer to the charges?
- ANSWER20 days
A developer may NOT make a material change in the timeshare plan without giving the
Division at LEAST how many days notice? - ANSWER10 days
If the highest monthly total of deposits received by a project is $50,000 what is the
amount of surety bond REQUIRED for the benefit of the purchasers? -
ANSWER$50,000
What is a timeshare? - ANSWERA guaranteed reservation at the resort of your choice
What is a fractional ownership? - ANSWEROwnership of an interval of 1 month to 1/2
year
The value of an individual timeshare usually - ANSWERdecreases in value
An agreement between two or more parties is called - ANSWERa contract
The following elements are necessary to create an agency relationship EXCEPT: -
ANSWERconsideration
Which of the following is NOT necessary to form a contract? - ANSWERperformance
The essential parts of a written contract include - ANSWERcompetent parties, mutual
consent, consideration, and legal obligation
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - ANSWERnon-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - ANSWERbuy
it from an existing owner
