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Montana Real Estate Unit 6(Timeshares); Questions with Complete Solutions
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Montana Real Estate Unit 6(Timeshares); Questions with Complete Solutions
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Montana Real Estate Unit 6(Timeshares); Questionswith Complete Solutions
Montana Timeshare Act Correct Ans-Title 37, Chapter 53
Timeshares include Correct Ans-structures, campgrounds, campsites, outdoor recreation
sites, spaces for trailer, tent, camper, or similar portable device
Selling/ transferring a time share Correct Ans--must be registered with the state of
Montana
-provide a prospective purchaser with a written public offering statement before the
prospective purchaser signs an agreement for the purchase of a timeshare
Cancelling timeshare purchase agreement Correct Ans--Within 7 days following receipt of
public offering statement or signing of a timeshare purchase agreement, whichever is later
-will receive refund for any consideration paid
-if purchaser doesn't receive public offering statement then the agreement is voidable up until
and after for 7 days
Registering a timeshare Correct Ans--signed by developer with registration fee
, Montana Real Estate Unit 6(Timeshares); Questions
with Complete Solutions
--Developer must file a complete application as determined by the board
-financial statements showing financial condition of developer
-fees in excess of stated price per unit, with purpose and calculations
-copy of timeshare instruments and public offering statement
-consent signed by developer-amendment must be filed if changes in timeshare offering occur
Exemptions from registering a timeshare Correct Ans--An offer of not more than two
timeshare interests by a timeshare owner in a 12-month period
-A gratuitous transfer of a timeshare interest
-A sale under court order
-A sale by any government or governmental agency
-A sale by forfeiture, foreclosure, or deed in lieu of foreclosure
Timeshare salesperson has what requirements? Correct Ans--same as broker
-must notify board if leaving timeshare project to deactivate license
-privately owned timeshares can be sold by real estate agent as long as all party's consent
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