TIMESHARE FINAL EXAM ACTUAL QUESTIONS AND
ANSWERS GUARANTEE A+
✔✔There are ____ members of the TN Real Estate Commission - ✔✔9
✔✔The TN Real Estate Commission is declared to be: - ✔✔a judicial body
✔✔Errors and Omission Insurance is required: - ✔✔as a condition of licensing
✔✔Who appoints individuals to the TN Real Estate Commission: - ✔✔the governor
✔✔The term "person" means: - ✔✔an individual, corporations, and partnerships
✔✔A person who violates the law by selling timeshares without a license is guilty of: -
✔✔class B misdemeanor
✔✔In order for a license to be revoked or suspended by the TN Real Estate
Commission it takes a vote of: - ✔✔a majority of the commission
✔✔The Education of Recovery Fund: - ✔✔applies to all licensee and firms
✔✔All licenses expire: - ✔✔two years from the date of being licensed
✔✔The most any license can have paid out of the Education and Recovery fund is: -
✔✔$30,000
✔✔Who is responsible to see that a licensee's fees and education are up to date? -
✔✔licensee
✔✔The TN Timeshare Act was established in: - ✔✔1981
✔✔What type of license would a salesperson need to sell timeshare? - ✔✔either an
affiliate brokers license,
brokers license,
or a timeshare license
✔✔Which of the following people would not be required to hold a real estate license? -
✔✔an unlicensed owner attempting to sell his own timeshare unit,
an attorney in fact under a signed and recorded power of attorney,
or an employee collecting rent for a broker managing a residential rental property
✔✔To place a license in retirement status, a licensee must do all of the following
EXCEPT: - ✔✔reactivate their license every 3 years
, ✔✔Should a timeshare licensee wish to change resorts, the current broker: - ✔✔must
sign the release form immediately
✔✔Disclosures required by the 1968 "Truth in Lending Act" include: - ✔✔late charges
and amount financed
✔✔The purpose of the 1968 "Truth in Lending Act" is: - ✔✔disclose the cost of credit
✔✔The term "timesharing" came from what industry: - ✔✔computer
✔✔The timeshare agent refuses to sell the timeshare to an African American. This
refusal is prohibited by: - ✔✔1968 Fair Housing Act as amended
✔✔All of the following are essentials of a contract EXCEPT: - ✔✔performance
✔✔The "Federal Truth in Lending Law" is: - ✔✔-also called Regulation Z
-Part of the Consumer Protection Act
-Requires lenders to disclose all costs relating to the credit portion of purchase
✔✔A person who sells or offers to sell timeshare intervals in a timeshare program to a
purchaser is called a/an - ✔✔sales agent
✔✔A timeshare unit may be owned: - ✔✔-in trust
-in co-ownership
-in severalty
✔✔Any broker, affiliate broker, or timeshare licensee who make any substantial and
willful misrepresentation may have their license: - ✔✔-revoked
-suspended
-downgraded
✔✔The TN Real Estate Commission policy for fees and commissions is: -
✔✔Commission does not set fees and commission
✔✔Misleading or deceptive representation would be telling the purchaser that: - ✔✔they
will never have to pay a maintenance fee
✔✔The sales contract shall be retained by the developer for how many years? - ✔✔4
years
✔✔Unaware her license to sell timeshare had expired, Jane Smith sold a week of
timeshare. To whom would the commission be payable? - ✔✔no one
ANSWERS GUARANTEE A+
✔✔There are ____ members of the TN Real Estate Commission - ✔✔9
✔✔The TN Real Estate Commission is declared to be: - ✔✔a judicial body
✔✔Errors and Omission Insurance is required: - ✔✔as a condition of licensing
✔✔Who appoints individuals to the TN Real Estate Commission: - ✔✔the governor
✔✔The term "person" means: - ✔✔an individual, corporations, and partnerships
✔✔A person who violates the law by selling timeshares without a license is guilty of: -
✔✔class B misdemeanor
✔✔In order for a license to be revoked or suspended by the TN Real Estate
Commission it takes a vote of: - ✔✔a majority of the commission
✔✔The Education of Recovery Fund: - ✔✔applies to all licensee and firms
✔✔All licenses expire: - ✔✔two years from the date of being licensed
✔✔The most any license can have paid out of the Education and Recovery fund is: -
✔✔$30,000
✔✔Who is responsible to see that a licensee's fees and education are up to date? -
✔✔licensee
✔✔The TN Timeshare Act was established in: - ✔✔1981
✔✔What type of license would a salesperson need to sell timeshare? - ✔✔either an
affiliate brokers license,
brokers license,
or a timeshare license
✔✔Which of the following people would not be required to hold a real estate license? -
✔✔an unlicensed owner attempting to sell his own timeshare unit,
an attorney in fact under a signed and recorded power of attorney,
or an employee collecting rent for a broker managing a residential rental property
✔✔To place a license in retirement status, a licensee must do all of the following
EXCEPT: - ✔✔reactivate their license every 3 years
, ✔✔Should a timeshare licensee wish to change resorts, the current broker: - ✔✔must
sign the release form immediately
✔✔Disclosures required by the 1968 "Truth in Lending Act" include: - ✔✔late charges
and amount financed
✔✔The purpose of the 1968 "Truth in Lending Act" is: - ✔✔disclose the cost of credit
✔✔The term "timesharing" came from what industry: - ✔✔computer
✔✔The timeshare agent refuses to sell the timeshare to an African American. This
refusal is prohibited by: - ✔✔1968 Fair Housing Act as amended
✔✔All of the following are essentials of a contract EXCEPT: - ✔✔performance
✔✔The "Federal Truth in Lending Law" is: - ✔✔-also called Regulation Z
-Part of the Consumer Protection Act
-Requires lenders to disclose all costs relating to the credit portion of purchase
✔✔A person who sells or offers to sell timeshare intervals in a timeshare program to a
purchaser is called a/an - ✔✔sales agent
✔✔A timeshare unit may be owned: - ✔✔-in trust
-in co-ownership
-in severalty
✔✔Any broker, affiliate broker, or timeshare licensee who make any substantial and
willful misrepresentation may have their license: - ✔✔-revoked
-suspended
-downgraded
✔✔The TN Real Estate Commission policy for fees and commissions is: -
✔✔Commission does not set fees and commission
✔✔Misleading or deceptive representation would be telling the purchaser that: - ✔✔they
will never have to pay a maintenance fee
✔✔The sales contract shall be retained by the developer for how many years? - ✔✔4
years
✔✔Unaware her license to sell timeshare had expired, Jane Smith sold a week of
timeshare. To whom would the commission be payable? - ✔✔no one
