Tennessee Timeshare Exam
Timeshare Units can be created: - ANSin any unit unless prohibited by local laws
Receipt of Public Offering Statement shall take place no later than: - ANSdate of sale
To be valid, a Public Offering Statement must be: - ANSsigned AND dated
Disclosure of Recession Rights must appear in bold face print in the: - ANScontract AND public
offering statement
Escrow account for Timeshare sale shall not be held by: - ANSthe developer
Who is ultimately responsible for Escrow funds? - ANSbroker
Any person other than a developer or lender who acquires an interest in a Timeshare is called: -
ANSpurchaser
A person visits a Timeshare Resort in Tennessee and signs a contract of sale. The maximum
recession period for this person is: - ANS10 days
A Timeshare contract is voidable by purchaser until: - ANS10-day recession period has past
AND received a public offerings statement
A person who solicits people to attend a timeshare presentation is: - ANSacquisition agent
A person who exchanges Timeshare intervals in exchange programs with other timeshare
intervals is called a: - ANSexchange agent
Price increase in Timeshare can NOT be announced more than days prior to the effective date:
- ANS60 days
If an unlicensed person is fined by TREC, not the court, the maximum fine is _______ per
offense. - ANS$1,000
The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - ANSto protect the
public
A Timeshare Resort may offer a promotional gift as an inducement to tour if all the following
conditions are met except: - ANSit must be approved by the Tennessee Real Estate
Commission
Timeshare Units can be created: - ANSin any unit unless prohibited by local laws
Receipt of Public Offering Statement shall take place no later than: - ANSdate of sale
To be valid, a Public Offering Statement must be: - ANSsigned AND dated
Disclosure of Recession Rights must appear in bold face print in the: - ANScontract AND public
offering statement
Escrow account for Timeshare sale shall not be held by: - ANSthe developer
Who is ultimately responsible for Escrow funds? - ANSbroker
Any person other than a developer or lender who acquires an interest in a Timeshare is called: -
ANSpurchaser
A person visits a Timeshare Resort in Tennessee and signs a contract of sale. The maximum
recession period for this person is: - ANS10 days
A Timeshare contract is voidable by purchaser until: - ANS10-day recession period has past
AND received a public offerings statement
A person who solicits people to attend a timeshare presentation is: - ANSacquisition agent
A person who exchanges Timeshare intervals in exchange programs with other timeshare
intervals is called a: - ANSexchange agent
Price increase in Timeshare can NOT be announced more than days prior to the effective date:
- ANS60 days
If an unlicensed person is fined by TREC, not the court, the maximum fine is _______ per
offense. - ANS$1,000
The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - ANSto protect the
public
A Timeshare Resort may offer a promotional gift as an inducement to tour if all the following
conditions are met except: - ANSit must be approved by the Tennessee Real Estate
Commission
