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Mississippi Timeshares Part 1 Quiz Quiz 4- Timeshare Questions and Complete Solutions Graded A+.
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Mississippi Timeshares Part 1 Quiz Quiz 4- Timeshare Questions and Complete Solutions Graded A+.
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Mississippi TimesharesPart 1 Quiz Quiz 4-
Timeshare Questions
and Complete Solutions
Graded A+
* the Real Estate Commission
the Secretary of State
the Timeshare Association
the Office of Timeshare Registrations - Answer: A developer may not sell, offer, or dispose of a
timeshare interest unless all necessary registration requirements are completed and approved by:
* Making predictions of increases in the price or value of timeshare periods
Preparing an itemized annual operating and reserve budget
The assessment and collection of funds for common expenses
Maintaining appropriate insurance - Answer: Duties of the timeshare management entity include all of
the following, EXCEPT:
* a public offering statement
a preliminary permit
a timeshare disclosure form
a developer background history statement - Answer: Which of the following must a developer prepare
that shall fully and accurately disclose the facts concerning the timeshare developer and timeshare
plan?
, * purchasers
customers
contractor
appraiser - Answer: Developers, sellers, escrow agents, brokers, and their employees and agents have a
fiduciary duty to which of the following with respect to funds required to be deposited under these
rules?
* The management entity
The president of the timeshare association
A timeshare owner appointed by the other owners
The developer - Answer: Which of the following shall act in the capacity of fiduciary to the purchasers of
the timeshare plans?
* the developer
the Office of Timeshare Registrations
the Timeshare Association
the registrar of the timeshare plan - Answer: Which of the following has the duty of supervising and
controlling all aspects of the offering of a timeshare plan?
* the timeshare management entity may not recover monetary judgments for unpaid assessments
the lien is effective from the date of recording in the public records of the county in which the
accommodations are located
a judgment in any action or suit may include costs and reasonable attorney fees for the prevailing party
the timeshare management entity has a lien on a timeshare period from the date an assessment
becomes due - Answer: All of the following statements regarding liens on a timeshare are true, EXCEPT:
* timeshare instrument
timeshare interest
timeshare inventory
timeshare association - Answer: One or more documents, by whatever name denominated, creating or
governing the operation of a timeshare plan and includes the declaration or other legal instrument
dedicating the accommodations to the timeshare plan is called a(n):
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