Timeshare License Exam questions
and Answers 2026
If a timeshare agent is served notice that the division has filed charges against him/her,
he/she has how many days in which to file with the Division and answer to the charges?
- ANSWER-20 days
A developer may NOT make a material change in the timeshare plan without giving the
Division at LEAST how many days’ notice? - ANSWER-10 days
If the highest monthly total of deposits received by a project is $50,000 what is the
amount of surety bond REQUIRED for the benefit of the purchasers? - ANSWER-
$50,000
What is a timeshare? - ANSWER-A guaranteed reservation at the resort of your choice
What is a fractional ownership? - ANSWER-Ownership of an interval of 1 month to 1/2
year
The value of an individual timeshare usually - ANSWER-decreases in value
An agreement between two or more parties is called - ANSWER-a contract
The following elements are necessary to create an agency relationship EXCEPT: -
ANSWER-consideration
The following elements are necessary to create an agency relationship: - ANSWER-
perception of representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? - ANSWER-performance
How long is a TSA license valid for? - ANSWER-2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license
expire? - ANSWER-June 30, 2002 (end of the month - 2 years later)
If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will
the license expire? - ANSWER-June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide: - ANSWER-An
application, certificates for passing the examination and completing the 14 hour course,
and $175
, Which of the following is necessary to form a contract? - ANSWER-meeting of the
minds, consideration, and competence
The essential parts of a written contract include - ANSWER-competent parties, mutual
consent, consideration, and legal obligation
Which statements MUST be printed above the purchaser's signature one in each
contract for sale of a timeshare? - ANSWER-The purchaser of a timeshare may cancel,
by written notice, the contract of sale until midnight of the fifth calendar day.
The right of cancellation may not be waived. Any attempt by the developer to obtain a
waiver results in a contract that is voidable by the purchaser.
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - ANSWER-non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - ANSWER-buy
it from an existing owner
The purchaser may cancel the transaction - ANSWER-until midnight of the 5th calendar
day after signing
Escrow may NOT be closed until the - ANSWER-1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
Developer Douglas has submitted an application to the administrator for a permit to sell
timeshares. The Division shall issue an order within how many days after the receipt of
the application? - ANSWER-30 days
The administrator has scheduled an informal meeting to discuss certain sales practices
at Douglas' promotional meetings. Which of the following is NOT true? - ANSWER-1.
Matters discussed or materials presented may be used in any subsequent formal
hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under the
provisions of - ANSWER-Nevada revised statutes 119A
MOST timeshare units are sold on credit. These lending arrangements MUST comply
with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation
and Answers 2026
If a timeshare agent is served notice that the division has filed charges against him/her,
he/she has how many days in which to file with the Division and answer to the charges?
- ANSWER-20 days
A developer may NOT make a material change in the timeshare plan without giving the
Division at LEAST how many days’ notice? - ANSWER-10 days
If the highest monthly total of deposits received by a project is $50,000 what is the
amount of surety bond REQUIRED for the benefit of the purchasers? - ANSWER-
$50,000
What is a timeshare? - ANSWER-A guaranteed reservation at the resort of your choice
What is a fractional ownership? - ANSWER-Ownership of an interval of 1 month to 1/2
year
The value of an individual timeshare usually - ANSWER-decreases in value
An agreement between two or more parties is called - ANSWER-a contract
The following elements are necessary to create an agency relationship EXCEPT: -
ANSWER-consideration
The following elements are necessary to create an agency relationship: - ANSWER-
perception of representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? - ANSWER-performance
How long is a TSA license valid for? - ANSWER-2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license
expire? - ANSWER-June 30, 2002 (end of the month - 2 years later)
If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will
the license expire? - ANSWER-June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide: - ANSWER-An
application, certificates for passing the examination and completing the 14 hour course,
and $175
, Which of the following is necessary to form a contract? - ANSWER-meeting of the
minds, consideration, and competence
The essential parts of a written contract include - ANSWER-competent parties, mutual
consent, consideration, and legal obligation
Which statements MUST be printed above the purchaser's signature one in each
contract for sale of a timeshare? - ANSWER-The purchaser of a timeshare may cancel,
by written notice, the contract of sale until midnight of the fifth calendar day.
The right of cancellation may not be waived. Any attempt by the developer to obtain a
waiver results in a contract that is voidable by the purchaser.
Developer Tyson has defaulted on his project. Which clause provides protection for
prior purchasers? - ANSWER-non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? - ANSWER-buy
it from an existing owner
The purchaser may cancel the transaction - ANSWER-until midnight of the 5th calendar
day after signing
Escrow may NOT be closed until the - ANSWER-1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
Developer Douglas has submitted an application to the administrator for a permit to sell
timeshares. The Division shall issue an order within how many days after the receipt of
the application? - ANSWER-30 days
The administrator has scheduled an informal meeting to discuss certain sales practices
at Douglas' promotional meetings. Which of the following is NOT true? - ANSWER-1.
Matters discussed or materials presented may be used in any subsequent formal
hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under the
provisions of - ANSWER-Nevada revised statutes 119A
MOST timeshare units are sold on credit. These lending arrangements MUST comply
with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation
