Tennessee Timeshare Practice UPDATED Actual Questions and CORRECT Answers
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Course
Tennessee Timeshare
Institution
Tennessee Timeshare
Tennessee Timeshare Practice UPDATED
Actual Questions and CORRECT Answers
Timeshare units can be created: - CORRECT ANSWER- in any unit unless prohibited by
local laws
Receipt of Public Offering Statement shall take place no later than: - CORRECT
ANSWER- Date of sale
To be valid, a Public ...
Tennessee Timeshare Practice UPDATED
Actual Questions and CORRECT Answers
Timeshare units can be created: - CORRECT ANSWER✔✔- in any unit unless prohibited by
local laws
Receipt of Public Offering Statement shall take place no later than: - CORRECT
ANSWER✔✔- Date of sale
To be valid, a Public Offering Statement must be: - CORRECT ANSWER✔✔- signed and
dated
Disclosure of Recession of Rights must appear in bold face print in the: - CORRECT
ANSWER✔✔- contract and public offering statement
Escrow account for timeshare sale shall not be held by: - CORRECT ANSWER✔✔- the
developer
Who is ultimately responsible for Escrow funds? - CORRECT ANSWER✔✔- the broker
Any person other than a developer or lender who acquires an interest in a Timeshare is called:
- CORRECT ANSWER✔✔- purchaser
A person visits a Timeshare resort in Tennessee and signs a contract of sale. The maximum
recession period for this person is: - CORRECT ANSWER✔✔- 10 days
A timeshare contract is voidable by purchaser until: - CORRECT ANSWER✔✔- a 10 day
recession period has passed and until they have received a public offering statement
A person who solicits people to attend a timeshare presentation is: - CORRECT
ANSWER✔✔- an acquisition agent
, A person who exchanges timeshare intervals in exchange programs with other timeshare
intervals is called a/an: - CORRECT ANSWER✔✔- exchange agent
Price increase in timeshare can NOT be announced more than how many days prior to the
effective date? - CORRECT ANSWER✔✔- 60 days
If an unlicensed person is fined by TREC, not the court, the maximum fine is ______ per
offense. - CORRECT ANSWER✔✔- $1,000
The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - CORRECT
ANSWER✔✔- to protect the public
A timeshare resort may offer a promotional gift as an inducement to tour if all the following
conditions are met EXCEPT: - CORRECT ANSWER✔✔- it must be approved by the
Tennessee Real Estate Commission
The TN Real Estate Commission has the authority to perform the following duties EXCEPT:
- CORRECT ANSWER✔✔- sentence a guilty licensee to a jail term
There are ____ members of the TN Real Estate Commission - CORRECT ANSWER✔✔- 9
The TN Real Estate Commission is declared to be: - CORRECT ANSWER✔✔- a judicial
body
Errors and Omission Insurance is required: - CORRECT ANSWER✔✔- as a condition of
licensing
Who appoints individuals to the TN Real Estate Commission: - CORRECT ANSWER✔✔-
the governor
The term "person" means: - CORRECT ANSWER✔✔- an individual, corporations, and
partnerships
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