Tennessee Timeshare Practice Exam Actual Questions
and Answers 100% Verified New Year 2024
Timeshare units can be created:
in any unit unless prohibited by local laws
Receipt of Public Offering Statement shall take place no later than:
Date of sale
To be valid, a Public Offering Statement must be:
signed and dated
Disclosure of Recession of Rights must appear in bold face print in the:
contract and public offering statement
Escrow account for timeshare sale shall not be held by:
the developer
Who is ultimately responsible for Escrow funds?
the broker
Any person other than a developer or lender who acquires an interest in a
Timeshare is called:
purchaser
A person visits a Timeshare resort in Tennessee and signs a contract of sale.
The maximum recession period for this person is:
10 days
A timeshare contract is voidable by purchaser until:
a 10 day recession period has passed and until they have received a public offering
statement
A person who solicits people to attend a timeshare presentation is:
an acquisition agent
A person who exchanges timeshare intervals in exchange programs with other
timeshare intervals is called a/an:
exchange agent
Price increase in timeshare can NOT be announced more than how many days
prior to the effective date?
60 days
If an unlicensed person is fined by TREC, not the court, the maximum fine is
______ per offense.
$1,000
The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is:
to protect the public
A timeshare resort may offer a promotional gift as an inducement to tour if all
the following conditions are met EXCEPT:
it must be approved by the Tennessee Real Estate Commission
The TN Real Estate Commission has the authority to perform the following
duties EXCEPT:
sentence a guilty licensee to a jail term
There are ____ members of the TN Real Estate Commission
9
The TN Real Estate Commission is declared to be:
a judicial body
Errors and Omission Insurance is required:
and Answers 100% Verified New Year 2024
Timeshare units can be created:
in any unit unless prohibited by local laws
Receipt of Public Offering Statement shall take place no later than:
Date of sale
To be valid, a Public Offering Statement must be:
signed and dated
Disclosure of Recession of Rights must appear in bold face print in the:
contract and public offering statement
Escrow account for timeshare sale shall not be held by:
the developer
Who is ultimately responsible for Escrow funds?
the broker
Any person other than a developer or lender who acquires an interest in a
Timeshare is called:
purchaser
A person visits a Timeshare resort in Tennessee and signs a contract of sale.
The maximum recession period for this person is:
10 days
A timeshare contract is voidable by purchaser until:
a 10 day recession period has passed and until they have received a public offering
statement
A person who solicits people to attend a timeshare presentation is:
an acquisition agent
A person who exchanges timeshare intervals in exchange programs with other
timeshare intervals is called a/an:
exchange agent
Price increase in timeshare can NOT be announced more than how many days
prior to the effective date?
60 days
If an unlicensed person is fined by TREC, not the court, the maximum fine is
______ per offense.
$1,000
The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is:
to protect the public
A timeshare resort may offer a promotional gift as an inducement to tour if all
the following conditions are met EXCEPT:
it must be approved by the Tennessee Real Estate Commission
The TN Real Estate Commission has the authority to perform the following
duties EXCEPT:
sentence a guilty licensee to a jail term
There are ____ members of the TN Real Estate Commission
9
The TN Real Estate Commission is declared to be:
a judicial body
Errors and Omission Insurance is required:
