Timeshare License Exam Questions with 100%
Correct Answers | Updated & Verified | 2024
How long is a TSA license valid for? ✔✔2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? ✔✔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?
✔✔June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide: ✔✔An application, certificates for passing
the examination and completing the 14 hour course, and $175
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? ✔✔20 days
A developer may NOT make a material change in the timeshare plan without giving the Division at LEAST
how many days notice? ✔✔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? ✔✔$50,000
What is a timeshare? ✔✔A guaranteed reservation at the resort of your choice
,What is a fractional ownership? ✔✔Ownership of an interval of 1 month to 1/2 year
The value of an individual timeshare usually ✔✔decreases in value
An agreement between two or more parties is called ✔✔a contract
The following elements are necessary to create an agency relationship EXCEPT: ✔✔consideration
The following elements are necessary to create an agency relationship: ✔✔perception of
representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? ✔✔performance
Which of the following is necessary to form a contract? ✔✔meeting of the minds, consideration, and
competence
The essential parts of a written contract include ✔✔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? ✔✔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?
✔✔non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? ✔✔buy it from an existing owner
The purchaser may cancel the transaction ✔✔until midnight of the 5th calendar day after signing
Escrow may NOT be closed until the ✔✔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? ✔✔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? ✔✔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 Answers | Updated & Verified | 2024
How long is a TSA license valid for? ✔✔2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? ✔✔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?
✔✔June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide: ✔✔An application, certificates for passing
the examination and completing the 14 hour course, and $175
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? ✔✔20 days
A developer may NOT make a material change in the timeshare plan without giving the Division at LEAST
how many days notice? ✔✔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? ✔✔$50,000
What is a timeshare? ✔✔A guaranteed reservation at the resort of your choice
,What is a fractional ownership? ✔✔Ownership of an interval of 1 month to 1/2 year
The value of an individual timeshare usually ✔✔decreases in value
An agreement between two or more parties is called ✔✔a contract
The following elements are necessary to create an agency relationship EXCEPT: ✔✔consideration
The following elements are necessary to create an agency relationship: ✔✔perception of
representation, understanding, and reliance
Which of the following is NOT necessary to form a contract? ✔✔performance
Which of the following is necessary to form a contract? ✔✔meeting of the minds, consideration, and
competence
The essential parts of a written contract include ✔✔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? ✔✔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?
✔✔non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare? ✔✔buy it from an existing owner
The purchaser may cancel the transaction ✔✔until midnight of the 5th calendar day after signing
Escrow may NOT be closed until the ✔✔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? ✔✔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? ✔✔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
