NEVADA TIMESHARE LICENSE ACTUAL EXAM WITH COMPLETE SOLUTIONS
GRADED A+
How long is a TSA license valid for? - 2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? -
June 30, 2002 (end of the month - 2 years later)
If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will the license
expire? - June 30, 2010 (end of the month - 1 year later)
The value of an individual timeshare usually - decreases in value
An agreement between two or more parties is called - a contract
The following elements are necessary to create an agency relationship EXCEPT: - consideration
The following elements are necessary to create an agency relationship: - perception of
representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? - performance
Which of the following is necessary to form a contract? - meeting of the minds, consideration,
and competence
The essential parts of a written contract include - competent parties, mutual consent,
consideration, and legal obligation
Which statements MUST be printed above the purchaser's signature one in each contract for
sale of a timeshare? - The purchaser of a timeshare may cancel, by written notice, the contract
of sale until midnight of the fifth calendar day.
,The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver
results in a contract that is voidable by the purchaser.
Developer Tyson has defaulted on his project. Which clause provides protection for prior
purchasers? - non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - buy it from an existing
owner
The purchaser may cancel the transaction - until midnight of the 5th calendar day after signing
Escrow may NOT be closed until the - 1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
Developer Douglas has submitted an application to the administrator for a permit to sell
timeshares. The Division shall issue an order within how many days after the receipt of the
application? - 30 days
The administrator has scheduled an informal meeting to discuss certain sales practices at
Douglas' promotional meetings. Which of the following is NOT true? - 1. Matters discussed or
materials presented may be used in any subsequent formal hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record CORRECT: Mandates a judge or
constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under the provisions of -
Nevada revised statutes 119A
, 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: - Full disclosure of all financing costs and charges
Full disclosure - AKA truth and lending
Federal Reserve Board's Regulation Z is applicable to - Fees only, right to use only, campsite
membership
Financing of individual unit sales is MOST often provided by - the developer
A project broker shall give written notice to the Division of a change of association any sales
agent within how many days of the change? - 10 days
If a permit is issued before completion of the timeshare project, the permit MUST state -
1. all partners of the developer
2. the estimated completion date of the project
3. the terms of any blanket liens on the property
4. all of the above all of the above
For proceedings held pursuant to the provisions of NRS 119A, who may appoint a hearing
officer from the staff of the Department of Business and Industry? - Administrator
Under NRS 119A, a Nevada licensee who coordinate a sale of timeshare for the developer, and
to whom sales agents and representatives are responsible is the - project broker
Timeshare representatives may perform which of the following? - Induce prospective
purchasers to attend sales presentations
Right to use is considered - a leasehold interest
GRADED A+
How long is a TSA license valid for? - 2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? -
June 30, 2002 (end of the month - 2 years later)
If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will the license
expire? - June 30, 2010 (end of the month - 1 year later)
The value of an individual timeshare usually - decreases in value
An agreement between two or more parties is called - a contract
The following elements are necessary to create an agency relationship EXCEPT: - consideration
The following elements are necessary to create an agency relationship: - perception of
representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? - performance
Which of the following is necessary to form a contract? - meeting of the minds, consideration,
and competence
The essential parts of a written contract include - competent parties, mutual consent,
consideration, and legal obligation
Which statements MUST be printed above the purchaser's signature one in each contract for
sale of a timeshare? - The purchaser of a timeshare may cancel, by written notice, the contract
of sale until midnight of the fifth calendar day.
,The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver
results in a contract that is voidable by the purchaser.
Developer Tyson has defaulted on his project. Which clause provides protection for prior
purchasers? - non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - buy it from an existing
owner
The purchaser may cancel the transaction - until midnight of the 5th calendar day after signing
Escrow may NOT be closed until the - 1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
Developer Douglas has submitted an application to the administrator for a permit to sell
timeshares. The Division shall issue an order within how many days after the receipt of the
application? - 30 days
The administrator has scheduled an informal meeting to discuss certain sales practices at
Douglas' promotional meetings. Which of the following is NOT true? - 1. Matters discussed or
materials presented may be used in any subsequent formal hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record CORRECT: Mandates a judge or
constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under the provisions of -
Nevada revised statutes 119A
, 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: - Full disclosure of all financing costs and charges
Full disclosure - AKA truth and lending
Federal Reserve Board's Regulation Z is applicable to - Fees only, right to use only, campsite
membership
Financing of individual unit sales is MOST often provided by - the developer
A project broker shall give written notice to the Division of a change of association any sales
agent within how many days of the change? - 10 days
If a permit is issued before completion of the timeshare project, the permit MUST state -
1. all partners of the developer
2. the estimated completion date of the project
3. the terms of any blanket liens on the property
4. all of the above all of the above
For proceedings held pursuant to the provisions of NRS 119A, who may appoint a hearing
officer from the staff of the Department of Business and Industry? - Administrator
Under NRS 119A, a Nevada licensee who coordinate a sale of timeshare for the developer, and
to whom sales agents and representatives are responsible is the - project broker
Timeshare representatives may perform which of the following? - Induce prospective
purchasers to attend sales presentations
Right to use is considered - a leasehold interest
