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TN Timeshare Exam Practice Questions and Complete Solutions Graded A+
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TN Timeshare Exam Practice Questions and Complete Solutions Graded A+
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TN Timeshare ExamPractice Questions and
Complete Solutions
Graded A+
What is the Tennessee Real Estate Commission? - Answer: Judicial body of real estate industry in TN
Following discriminatory practice, you should make a complaint with ____ days. - Answer: 180
What is a timeshare estate? - Answer: Ownership or leasehold estate in property devoted to a timeshare
fee, tenants in common, time span ownership, interval ownership, and a time share lease.
What is an acquisitions agent? - Answer: Licensed and attempts directly to encourage any person to
attend a sales presentation for a timeshare program
What is a purchaser? - Answer: Anyone who buys timeshare
What is an exchange agent? - Answer: An agent for an exchange program
What is a sales agent? - Answer: Person acting as a seller of any Time Share contract (only sell under
specific time share developer) Anyone who sells timeshare.
What is a person that sells more than 5 timeshares a year that are not their own? - Answer: Timeshare
resale broker
, What is a unit?` - Answer: Real property improvements in a project which is divided into timeshare
program.
What is a managing agent? - Answer: Person with management duties and responsibilities and
obligations of a timeshare program
What are timeshare units? (what can be a timeshare) - Answer: Anything can be a timeshare unit unless
expressly prohibited by project instruments or local governing laws
What should be included in the Public Offering Statement? - Answer: name of county where property is
located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of timeshare units
ownership interest/maintenance provisions/ replacement
____ must be provided to each purchaser of a timeshare. - Answer: Public Offering statement
When must you give a public offering statement? What is the exception? - Answer: Must be provided to
each purchaser of a timeshare . EXCEPTION: developer was registered and POS was provided to a
purchaser under Security and Exchange act etc.
What is an escrow of deposits? - Answer: When purchaser gives deposit money it is placed in an account
of an independent escrow company and held 100% during cancellation period. (must be insured)
All licensees must have ___________ coverage. - Answer: Errors and Omissions
In _________, the contract is voidable by the purchaser or the developer until he has received
___________. - Answer: Mutual rights of cancellation, Public offering statements
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