TIMESHARE 2026 STUDY GUIDE QUESTIONS AND
ANSWERS GUARANTEE A+
✔✔First thing in the closing, must contain the rescission statement in it - ✔✔Public
offering statement presentation
✔✔You have many days to submit a discrimination complaint? - ✔✔180 days
✔✔What doesn't have to be in the truth of lending statement/public offering statement? -
✔✔Property value
✔✔In advertising, any statement, action, or Liam which is untrue is what? -
✔✔Misleading
✔✔The development - ✔✔The project
✔✔People who solicit others to attend a presentation - ✔✔Acquisition agent
✔✔What is the TN real estate commission ( TREC)? - ✔✔The judicial body of the real
estate industry in TN
✔✔What is a person who sells more than 5 time shares a year that are not their own? -
✔✔Time share resale broker
✔✔Real property improvements in a project which is divided into time share intervals -
✔✔Unit
✔✔Person with management duties and responsibilities and obligations of a time share
program - ✔✔Managing agent
✔✔What are time share units? - ✔✔Time share units can be created in any unit unless
1) expressly prohibited by the project instruments or local governing laws
✔✔What should be included on the public offering statement? - ✔✔-name of contra
where property is located - legal description of property - ID of time periods by letter,
name and number - ID of time share estates and how many units can be time share -
common expenses and voting rights - any restrictions on use, occupancy, alterations or
alienation of time share units - ownership interest/maintenance provisions/ replacement
✔✔________ must be processed to each purchase of a timeshare - ✔✔Public offering
statement
, ✔✔When do you have to give a public offering statement? What is the exception? -
✔✔Must be provided to each purchaser of a timeshare. Exception: developer was
registered PO statement was provided to register under security and exchange act etc.,
and the owner of the property is not part to provide a public offering statement when
conveying to another individual
✔✔When a purchaser gives deposit money it is placed in an account of an independent
escrow co and held 100% during cancellation period - ✔✔Escrow deposits
✔✔Who must have an errors and omission coverage ? - ✔✔Active licensees
✔✔In ___________, the contract is voidable by the purchaser of the developer, until he
has received ___________. - ✔✔Mutual rights of cancellation, public offering statement
✔✔In the Disclosure of Rescission Rights you may cancel a contract. It must be in
boldface and conspicuous type in every _____ and every _____. - ✔✔Public offering
statement,
Contract for sale Below signature
✔✔Cancellation of contract is without penalty if they follow the disclosure of rescission
rights. It must be refunded within how many days of notice? - ✔✔30
✔✔Misleading advertisement is unlawful. True or false? - ✔✔True
✔✔When can the commission issue a cease and desist order? - ✔✔If a developer has
not registered a timeshare program
✔✔Prize or gift promotional offers are only okay under what 2 circumstances? -
✔✔Under sponsorship and with approval of firm with whom licensee is affiliated and - in
writing signed by licensee with disclosure of all pertinent details
✔✔What cannot be laid to any person who does not hold a real estate license? -
✔✔Cash rebates, cash gifts, and cash prizes
✔✔If for any reason, a guest has not received their gifts within a period of _____ , they
may be given the gift if the cash equivalent. - ✔✔72 hours
✔✔What are the powers of the real estate commission? - ✔✔They can fine licensees,
they can suspend your license, they can refer you to a court of law, their investigators
can come by at anytime during business hours to see any of your records and they can
close a development.
ANSWERS GUARANTEE A+
✔✔First thing in the closing, must contain the rescission statement in it - ✔✔Public
offering statement presentation
✔✔You have many days to submit a discrimination complaint? - ✔✔180 days
✔✔What doesn't have to be in the truth of lending statement/public offering statement? -
✔✔Property value
✔✔In advertising, any statement, action, or Liam which is untrue is what? -
✔✔Misleading
✔✔The development - ✔✔The project
✔✔People who solicit others to attend a presentation - ✔✔Acquisition agent
✔✔What is the TN real estate commission ( TREC)? - ✔✔The judicial body of the real
estate industry in TN
✔✔What is a person who sells more than 5 time shares a year that are not their own? -
✔✔Time share resale broker
✔✔Real property improvements in a project which is divided into time share intervals -
✔✔Unit
✔✔Person with management duties and responsibilities and obligations of a time share
program - ✔✔Managing agent
✔✔What are time share units? - ✔✔Time share units can be created in any unit unless
1) expressly prohibited by the project instruments or local governing laws
✔✔What should be included on the public offering statement? - ✔✔-name of contra
where property is located - legal description of property - ID of time periods by letter,
name and number - ID of time share estates and how many units can be time share -
common expenses and voting rights - any restrictions on use, occupancy, alterations or
alienation of time share units - ownership interest/maintenance provisions/ replacement
✔✔________ must be processed to each purchase of a timeshare - ✔✔Public offering
statement
, ✔✔When do you have to give a public offering statement? What is the exception? -
✔✔Must be provided to each purchaser of a timeshare. Exception: developer was
registered PO statement was provided to register under security and exchange act etc.,
and the owner of the property is not part to provide a public offering statement when
conveying to another individual
✔✔When a purchaser gives deposit money it is placed in an account of an independent
escrow co and held 100% during cancellation period - ✔✔Escrow deposits
✔✔Who must have an errors and omission coverage ? - ✔✔Active licensees
✔✔In ___________, the contract is voidable by the purchaser of the developer, until he
has received ___________. - ✔✔Mutual rights of cancellation, public offering statement
✔✔In the Disclosure of Rescission Rights you may cancel a contract. It must be in
boldface and conspicuous type in every _____ and every _____. - ✔✔Public offering
statement,
Contract for sale Below signature
✔✔Cancellation of contract is without penalty if they follow the disclosure of rescission
rights. It must be refunded within how many days of notice? - ✔✔30
✔✔Misleading advertisement is unlawful. True or false? - ✔✔True
✔✔When can the commission issue a cease and desist order? - ✔✔If a developer has
not registered a timeshare program
✔✔Prize or gift promotional offers are only okay under what 2 circumstances? -
✔✔Under sponsorship and with approval of firm with whom licensee is affiliated and - in
writing signed by licensee with disclosure of all pertinent details
✔✔What cannot be laid to any person who does not hold a real estate license? -
✔✔Cash rebates, cash gifts, and cash prizes
✔✔If for any reason, a guest has not received their gifts within a period of _____ , they
may be given the gift if the cash equivalent. - ✔✔72 hours
✔✔What are the powers of the real estate commission? - ✔✔They can fine licensees,
they can suspend your license, they can refer you to a court of law, their investigators
can come by at anytime during business hours to see any of your records and they can
close a development.
