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TN Timeshare Exam Practice Test 2023/ 103 Questions and Answers/ Graded A+
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TN Timeshare Exam Practice Test 2023/103 Questions and Answers/ Graded A+
What is the Tennessee Real Estate Commission? - -Judicial body of real estate industry
in TN
-Following discriminatory practice, you should make a complaint with ____ days. - -
180
-What is a timeshare estate? - -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? - -Licensed and attempts directly to encourage any
person to attend a sales presentation for a timeshare program
-What is a purchaser? - -Anyone who buys timeshare
-What is an exchange agent? - -An agent for an exchange program
-What is a sales agent? - -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? - -
Timeshare resale broker
-What is a unit?` - -Real property improvements in a project which is divided into
timeshare program.
-What is a managing agent? - -Person with management duties and responsibilities and
obligations of a timeshare program
-What are timeshare units? (what can be a timeshare) - -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? - -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. - -Public Offering statement
-When must you give a public offering statement? What is the exception? - -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? - -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. - -Errors and Omissions
-In _________, the contract is voidable by the purchaser or the developer until he has
received ___________. - -Mutual rights of cancellation, Public offering statements
-In how many days must you cancel if you had an onsite inspection? How many if you
didnt? - -10 days, 15 days
-In the Disclosure of Rescission Rights you may cancel a contract. It must be in boldface
and conspicuous type in every _____ and every _____. - -Public offering statement,
contract for sale below signature
-Cancellation of contract is without penalty if they follow the disclosure of rescission
rights. It must be refunded within ___ days after receipt of notice. - -30
-True or False? Misleading advertising is unlawful? - -True
-When can the commission issue a cease and desist order? - -If a developer has not
registered a timeshare program?
-Prize or gift promotional offers are only okay under what two circumstances? - -Under
sponsorship and with approval of firm with whom licensee is affiliated. And in writing
signed by licensee with disclosure of all pertinent details.
-What cannot be paid to any person who does not have a real estate license? - -Case
rebates, cash gits and cash prizes.
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