TENNESSEE TIMESHARE COMPREHENSIVE
STUDY GUIDE 2026 COMPLETE SOLUTIONS
VERIFIED
◉ What is a managing agent? Answer: Person with management
duties and responsibilities and obligations of a timeshare program
◉ What are timeshare units? (what can be a timeshare) Answer:
Anything can be a timeshare unit unless expressly prohibited by
project instruments or local governing laws
◉ What should be included in the Public Offering Statement?
Answer: name of county where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of
timeshare units
ownership interest/maintenance provisions/ replacement
◉ ____ must be provided to each purchaser of a timeshare. Answer:
Public Offering statement
, ◉ When must you give a public offering statement? What is the
exception? Answer: Must be provided to each purchaser of a
timeshare . EXCEPTION: developer was registered and POS was
provided to a purchaser under Security and Exchange act etc.
◉ What is an escrow of deposits? Answer: When purchaser gives
deposit money it is placed in an account of an independent escrow
company and held 100% during cancellation period. (must be
insured)
◉ All licensees must have ___________ coverage. Answer: Errors and
Omissions
◉ In _________, the contract is voidable by the purchaser or the
developer until he has received ___________. Answer: Mutual rights of
cancellation, Public offering statements
◉ In how many days must you cancel if you had an onsite
inspection? How many if you didnt? Answer: 10 days, 15 days
◉ In the Disclosure of Rescission Rights you may cancel a contract. It
must be in boldface and conspicuous type in every _____ and every
_____. Answer: Public offering statement, contract for sale below
signature
STUDY GUIDE 2026 COMPLETE SOLUTIONS
VERIFIED
◉ What is a managing agent? Answer: Person with management
duties and responsibilities and obligations of a timeshare program
◉ What are timeshare units? (what can be a timeshare) Answer:
Anything can be a timeshare unit unless expressly prohibited by
project instruments or local governing laws
◉ What should be included in the Public Offering Statement?
Answer: name of county where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of
timeshare units
ownership interest/maintenance provisions/ replacement
◉ ____ must be provided to each purchaser of a timeshare. Answer:
Public Offering statement
, ◉ When must you give a public offering statement? What is the
exception? Answer: Must be provided to each purchaser of a
timeshare . EXCEPTION: developer was registered and POS was
provided to a purchaser under Security and Exchange act etc.
◉ What is an escrow of deposits? Answer: When purchaser gives
deposit money it is placed in an account of an independent escrow
company and held 100% during cancellation period. (must be
insured)
◉ All licensees must have ___________ coverage. Answer: Errors and
Omissions
◉ In _________, the contract is voidable by the purchaser or the
developer until he has received ___________. Answer: Mutual rights of
cancellation, Public offering statements
◉ In how many days must you cancel if you had an onsite
inspection? How many if you didnt? Answer: 10 days, 15 days
◉ In the Disclosure of Rescission Rights you may cancel a contract. It
must be in boldface and conspicuous type in every _____ and every
_____. Answer: Public offering statement, contract for sale below
signature
