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HFT 3273 Timeshare Final Exam Review Questions and Complete Solutions Graded A+
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HFT 3273 Timeshare Final Exam Review Questions and Complete Solutions Graded A+
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HFT 3273 TimeshareFinal Exam Review
Questions and Complete
Solutions Graded A+
What decade saw the greatest growth in the Timeshare industry? - Answer: the 90's
What was the original form of Timeshare owned in the United States? - Answer: deeded real estate
Where was the first Timeshare? - Answer: Florida
When did exchange companies begin? - Answer: the 70's
Who was the first lodging company to enter the Timeshare industry and when? - Answer: Marriott in the
80's
What are the different types of legal design? - Answer: fee simple deeded
leasehold
right to use
membership
What are the different types of schedule design? - Answer: fixed/fixed
float/float
float/fixed
points
, How do you determine the value of exchange? - Answer: location, demand for the week, supply, and
comment cards
How does exchange work? - Answer: first you pay fees, then you make a reservation with the company,
and make a deposit
What is the average down payment for a Timeshare? - Answer: 10 percent
Who is the main federal agency that oversees Timeshares? - Answer: FTC
What types of accounts do HOA's set up? - Answer: reserve, special assessment, and operating
What are reserve accounts used for? - Answer: Big fixes like a roof
What are special assessment accounts used for? - Answer: they cover damages, like a fire
What are operating accounts used for? - Answer: day to day issues, maintenance fees cover this
What are some responsibilities of the HOA board? - Answer: set rules, make decisions, and hire
management
What does ARDA stand for and what do they do? - Answer: America Resort Development Association;
they are the trade association for Timeshare and establish a code of ethics
What is an exit program? - Answer: gives people discounts on travel related items and packages
What is a trial membership? - Answer: people purchase a limited timeshare membership
What is the main purpose of marketing? - Answer: Getting people to the presentation; lead generation
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