TENNESSEE TIMESHARE 2026 UPDATED EXAMS SCRIPT
QUESTIONS AND ANSWERS GRADED A+
✔✔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.
✔✔If for any reason a guest has not received their gifts within ____, they may be given
the gift or cash equivalent. - ✔✔72 hours
✔✔What are the powers of the real estate commission? - ✔✔They can fine licensees,
suspend the license, refer you to a court of law, their investigator can come by any time
during business hours to see any of your records and they can close a development.
✔✔The real estate commission forms the rules in accordance with the ____. -
✔✔Tennessee Code Annotated
✔✔What are the prerequisites for licensing? - ✔✔Honest, 18 years of age, resident of
state, not criminal, not on probation.
✔✔True or false? An applicant who has passed the exam within the last 6 months is not
necessarily qualified for a license. - ✔✔True
✔✔What is the renewal fee for the license? - ✔✔80
, ✔✔The original license fee is ____ Plus ___ for education and recovery fee? - ✔✔100,
30
✔✔You must renew you license ____ days prior to expiration - ✔✔60
✔✔You must make a minimum passing score of _____% on your exam. - ✔✔70
✔✔If you terminate your affiliation you have ___ days to notify the commission. - ✔✔10
✔✔If your broker tells you to sell only to a particular group and you do as you were
instructed, you are guilty of _____. - ✔✔Discrimination
✔✔What are the requirements for a contract and agreement to be made? - ✔✔Offer an
acceptance, valid consideration, competent parties, legal purposes, reality of consent
✔✔Disclosure of everything related to a loan is considered? - ✔✔Truth in lending, came
into being after banking industry was deregulated
✔✔_____ is a consumer credit protection law which is part of truth in lending -
✔✔regulation-7 enacted 1969
✔✔When does your license expire? - ✔✔2 years less 1 day from the date of issue
✔✔How do you get reinstated if you let you license expire? - ✔✔The penalty is 50 per
month for 2 months, 100 per month up to six months after that you must retake the test.
✔✔Who is the developer? Can they be refused a license or registration? - ✔✔The
seller. Yes if they are immoral, financially unstable
✔✔What is an example of an exchange agent? - ✔✔RCI agent
✔✔What can be a timeshare? - ✔✔Anything unless prohibited by other document or
local regulations
✔✔What is a project instrument? - ✔✔All documents associated with a timeshare
✔✔If property is not a timeshare then what is it? - ✔✔Rental or whole ownership
✔✔When do we present the public offering statement - ✔✔First thing in deeding, must
have rescission statement on it.
✔✔What is the form by which nearly all business with the commission is conducted
after licensing? - ✔✔TREC 1 form
QUESTIONS AND ANSWERS GRADED A+
✔✔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.
✔✔If for any reason a guest has not received their gifts within ____, they may be given
the gift or cash equivalent. - ✔✔72 hours
✔✔What are the powers of the real estate commission? - ✔✔They can fine licensees,
suspend the license, refer you to a court of law, their investigator can come by any time
during business hours to see any of your records and they can close a development.
✔✔The real estate commission forms the rules in accordance with the ____. -
✔✔Tennessee Code Annotated
✔✔What are the prerequisites for licensing? - ✔✔Honest, 18 years of age, resident of
state, not criminal, not on probation.
✔✔True or false? An applicant who has passed the exam within the last 6 months is not
necessarily qualified for a license. - ✔✔True
✔✔What is the renewal fee for the license? - ✔✔80
, ✔✔The original license fee is ____ Plus ___ for education and recovery fee? - ✔✔100,
30
✔✔You must renew you license ____ days prior to expiration - ✔✔60
✔✔You must make a minimum passing score of _____% on your exam. - ✔✔70
✔✔If you terminate your affiliation you have ___ days to notify the commission. - ✔✔10
✔✔If your broker tells you to sell only to a particular group and you do as you were
instructed, you are guilty of _____. - ✔✔Discrimination
✔✔What are the requirements for a contract and agreement to be made? - ✔✔Offer an
acceptance, valid consideration, competent parties, legal purposes, reality of consent
✔✔Disclosure of everything related to a loan is considered? - ✔✔Truth in lending, came
into being after banking industry was deregulated
✔✔_____ is a consumer credit protection law which is part of truth in lending -
✔✔regulation-7 enacted 1969
✔✔When does your license expire? - ✔✔2 years less 1 day from the date of issue
✔✔How do you get reinstated if you let you license expire? - ✔✔The penalty is 50 per
month for 2 months, 100 per month up to six months after that you must retake the test.
✔✔Who is the developer? Can they be refused a license or registration? - ✔✔The
seller. Yes if they are immoral, financially unstable
✔✔What is an example of an exchange agent? - ✔✔RCI agent
✔✔What can be a timeshare? - ✔✔Anything unless prohibited by other document or
local regulations
✔✔What is a project instrument? - ✔✔All documents associated with a timeshare
✔✔If property is not a timeshare then what is it? - ✔✔Rental or whole ownership
✔✔When do we present the public offering statement - ✔✔First thing in deeding, must
have rescission statement on it.
✔✔What is the form by which nearly all business with the commission is conducted
after licensing? - ✔✔TREC 1 form
