Nevada Timeshare License EXAM
QUESTIONS WITH NEW UPDATE
SOLUTIONS
How would a prospective purchaser get the BEST deal on a timeshare? - Answers -✔✔
buy it from an existing owner
MOST timeshare units are sold on credit. These lending arrangements MUST comply
with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation
Z, as applied to timeshare sales, is to assure: - Answers -✔✔ Full disclosure of all the
financing cost and charges
The Federal Reserve’s board's Regulation Z is applicable to all of the following? -
Answers -✔✔ All of the above (Fees, right to use, campsite membership)
Financing of individual units sales is the most often provided by? - Answers -✔✔ the
developer
Anyone purchasing timeshare MUST? - Answers -✔✔ sign a written contract
How long is a TSA license valid for? - Answers -✔✔ 2 years
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license
expire? - Answers -✔✔ June 30, 2002
An applicant for an original timeshare license must provide? - Answers -✔✔ An
application, certificates for passing the examination and for completing the 14-hour pre-
licensing course, and $200
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?
- Answers -✔✔ 30 days
The developer may NOT make a material change in the timeshare plan without giving
the division at LEAST how many days' notice? - Answers -✔✔ 10 days
Which of the following is NOT necessary to form a contract? - Answers -✔✔
performance
The essential parts of a written contract include? - Answers -✔✔ competent parties,
mutual consent, consideration, and legal obligation
, Which of the following statements MUST be printed above the purchaser's signature
line in each contract for the sale of a timeshare? - Answers -✔✔ Both A and B
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - Answers -✔✔ Non-disturbance clause
After a purchaser has signed the timeshare purchase agreement, the purchaser may -
Answers -✔✔ Cancel the agreement at any time in the next 5 days
it is discovered that the title of a project is "unmerchantable" because an easement has
been found which may NOT be removed. What should a timeshare agent do? -
Answers -✔✔ Not to attempt to sell a unit where the title iss unmerchantable
Ted and Alice have arrived at their timeshare resort and produce the confirmed
reservation for a unit they are informed that the unit is NOT available. Ted goes through
the roof, but Alice has read up on Timeshare Owner's Rights in Nevada. She listens
politely to the apologies of the desk clerk and then demands to see the representative of
the owner's association, if there is no representative, then the developer. Alice knows
that they are entitled to all of the following EXCEPT? - Answers -✔✔ A full refund of
their purchase price
Which of the following is NOT commingling? - Answers -✔✔ Placing the customer's
deposit in your wallet temporarily until you turn it over to the broker or sales manager
Failure to turn over the money received in the course of a timeshare interval sale within
a reasonable time is a violation of - Answers -✔✔ NRS 119A
The real-estate division is considered? - Answers -✔✔ an administrative unit of state
government
How often is a timeshare agent REQUIRED to complete continuing education? -
Answers -✔✔ Every 24 months
The Nevada regulations governing Public Offering Statement in timeshare sales are
very specific. One such rule covers a project's Public Offering Statement warning
message. Which statement is true? - Answers -✔✔ The warning message must be
printed in red
In an agency relationship - Answers -✔✔ an agent must disclose material facts to
prospective purchaser.
The Duties owed by a nevada real estate licensee - Answers -✔✔ must be given to
each prospective purchaser before any contract is signed.
QUESTIONS WITH NEW UPDATE
SOLUTIONS
How would a prospective purchaser get the BEST deal on a timeshare? - Answers -✔✔
buy it from an existing owner
MOST timeshare units are sold on credit. These lending arrangements MUST comply
with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation
Z, as applied to timeshare sales, is to assure: - Answers -✔✔ Full disclosure of all the
financing cost and charges
The Federal Reserve’s board's Regulation Z is applicable to all of the following? -
Answers -✔✔ All of the above (Fees, right to use, campsite membership)
Financing of individual units sales is the most often provided by? - Answers -✔✔ the
developer
Anyone purchasing timeshare MUST? - Answers -✔✔ sign a written contract
How long is a TSA license valid for? - Answers -✔✔ 2 years
If a timeshare agent initially becomes licensed on June 6, 2000, when will the license
expire? - Answers -✔✔ June 30, 2002
An applicant for an original timeshare license must provide? - Answers -✔✔ An
application, certificates for passing the examination and for completing the 14-hour pre-
licensing course, and $200
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?
- Answers -✔✔ 30 days
The developer may NOT make a material change in the timeshare plan without giving
the division at LEAST how many days' notice? - Answers -✔✔ 10 days
Which of the following is NOT necessary to form a contract? - Answers -✔✔
performance
The essential parts of a written contract include? - Answers -✔✔ competent parties,
mutual consent, consideration, and legal obligation
, Which of the following statements MUST be printed above the purchaser's signature
line in each contract for the sale of a timeshare? - Answers -✔✔ Both A and B
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - Answers -✔✔ Non-disturbance clause
After a purchaser has signed the timeshare purchase agreement, the purchaser may -
Answers -✔✔ Cancel the agreement at any time in the next 5 days
it is discovered that the title of a project is "unmerchantable" because an easement has
been found which may NOT be removed. What should a timeshare agent do? -
Answers -✔✔ Not to attempt to sell a unit where the title iss unmerchantable
Ted and Alice have arrived at their timeshare resort and produce the confirmed
reservation for a unit they are informed that the unit is NOT available. Ted goes through
the roof, but Alice has read up on Timeshare Owner's Rights in Nevada. She listens
politely to the apologies of the desk clerk and then demands to see the representative of
the owner's association, if there is no representative, then the developer. Alice knows
that they are entitled to all of the following EXCEPT? - Answers -✔✔ A full refund of
their purchase price
Which of the following is NOT commingling? - Answers -✔✔ Placing the customer's
deposit in your wallet temporarily until you turn it over to the broker or sales manager
Failure to turn over the money received in the course of a timeshare interval sale within
a reasonable time is a violation of - Answers -✔✔ NRS 119A
The real-estate division is considered? - Answers -✔✔ an administrative unit of state
government
How often is a timeshare agent REQUIRED to complete continuing education? -
Answers -✔✔ Every 24 months
The Nevada regulations governing Public Offering Statement in timeshare sales are
very specific. One such rule covers a project's Public Offering Statement warning
message. Which statement is true? - Answers -✔✔ The warning message must be
printed in red
In an agency relationship - Answers -✔✔ an agent must disclose material facts to
prospective purchaser.
The Duties owed by a nevada real estate licensee - Answers -✔✔ must be given to
each prospective purchaser before any contract is signed.
