TIMESHARE 2026 CORE EXAM TEST QUESTIONS AND
ANSWERS GUARANTEE A+
✔✔Any timeshare installment share must provide all disclosures required by the: -
✔✔Federal Truth of lending
✔✔In direct mail, the envelopes and contents under the ARDHA code of standards and
ethics may not imply that they originate from a: - ✔✔Public utility, credit bureau, and law
office
✔✔The industry code of standards and ethics applies to - ✔✔The developer and
marketer
✔✔Any rescission rights of the consumer may be disclosed at or before closing.
Rescission rights may: - ✔✔Not be waived
✔✔A young couple bought a unit week if timeshare. In the public offering statement, a
rescission period of ____ days was given - ✔✔10
✔✔A timeshare program may be created in any unit unless expressly prohibited by -
✔✔The project instruments and local governing laws
✔✔The commission may initiate private investigations: - ✔✔Within or outside the state
✔✔Disclosure of rescission rights shall appeal in bold face and conspicuous type in the
- ✔✔Contract and public offering statement
✔✔2 years from the date of issuance - ✔✔License expiration
✔✔Can fine you, suspend your license or refer you to a court - ✔✔Powers of the
commission
✔✔If civil action is taken, commission must act within - ✔✔60 days
✔✔If buyer is on side and does not see the property or buys the property offsite - ✔✔15
days to cancel contract
✔✔How long is the cancellation period in TN/Rescission - ✔✔10 or 15 days
✔✔What would keep a developer from obtaining a license - ✔✔Bankruptcy or moral
issues
, ✔✔What are the terms of service for commissioners - ✔✔Executive director 4 years -
commissioner of real estate commission 5 years - commissioner of TN Human Rights 6
years
✔✔Person in the business of creating or selling and timeshare program - ✔✔Developer
✔✔Why would you need to retake the test? - ✔✔Reinstatement for expired license
✔✔Deposits for purchase into a bank account - ✔✔Escrow account
✔✔Anything unless it is prohibited by other documents - ✔✔Timeshare
✔✔If the property is not a timeshare it is a? - ✔✔Whole ownership or rental
✔✔What is the Tennessee real estate commission - ✔✔The judicial body of the real
estate industry in the state of Tennessee
✔✔What makes the judicial body? - ✔✔9 members - 3 from each grand division of the
state - 7 from real estate industry - 2 from the general public
✔✔Purpose of TREC? - ✔✔To protect the public
✔✔What can be guaranteed to a purchaser? - ✔✔Anything in writing
✔✔Who is responsible for misleading advertising - ✔✔Ad placer or principal broker
✔✔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
ANSWERS GUARANTEE A+
✔✔Any timeshare installment share must provide all disclosures required by the: -
✔✔Federal Truth of lending
✔✔In direct mail, the envelopes and contents under the ARDHA code of standards and
ethics may not imply that they originate from a: - ✔✔Public utility, credit bureau, and law
office
✔✔The industry code of standards and ethics applies to - ✔✔The developer and
marketer
✔✔Any rescission rights of the consumer may be disclosed at or before closing.
Rescission rights may: - ✔✔Not be waived
✔✔A young couple bought a unit week if timeshare. In the public offering statement, a
rescission period of ____ days was given - ✔✔10
✔✔A timeshare program may be created in any unit unless expressly prohibited by -
✔✔The project instruments and local governing laws
✔✔The commission may initiate private investigations: - ✔✔Within or outside the state
✔✔Disclosure of rescission rights shall appeal in bold face and conspicuous type in the
- ✔✔Contract and public offering statement
✔✔2 years from the date of issuance - ✔✔License expiration
✔✔Can fine you, suspend your license or refer you to a court - ✔✔Powers of the
commission
✔✔If civil action is taken, commission must act within - ✔✔60 days
✔✔If buyer is on side and does not see the property or buys the property offsite - ✔✔15
days to cancel contract
✔✔How long is the cancellation period in TN/Rescission - ✔✔10 or 15 days
✔✔What would keep a developer from obtaining a license - ✔✔Bankruptcy or moral
issues
, ✔✔What are the terms of service for commissioners - ✔✔Executive director 4 years -
commissioner of real estate commission 5 years - commissioner of TN Human Rights 6
years
✔✔Person in the business of creating or selling and timeshare program - ✔✔Developer
✔✔Why would you need to retake the test? - ✔✔Reinstatement for expired license
✔✔Deposits for purchase into a bank account - ✔✔Escrow account
✔✔Anything unless it is prohibited by other documents - ✔✔Timeshare
✔✔If the property is not a timeshare it is a? - ✔✔Whole ownership or rental
✔✔What is the Tennessee real estate commission - ✔✔The judicial body of the real
estate industry in the state of Tennessee
✔✔What makes the judicial body? - ✔✔9 members - 3 from each grand division of the
state - 7 from real estate industry - 2 from the general public
✔✔Purpose of TREC? - ✔✔To protect the public
✔✔What can be guaranteed to a purchaser? - ✔✔Anything in writing
✔✔Who is responsible for misleading advertising - ✔✔Ad placer or principal broker
✔✔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
