TENNESSEE TIMESHARE COMPREHENSIVE EXAM 2026
QUESTIONS AND ANSWERS GRADED A+
✔✔What is the fee to change your address? - ✔✔Nothing 0
✔✔What are the essentials of a contract? - ✔✔offer and acceptance, legal purposes,
consideration, reality of consent, competent parties
✔✔who can pay a licensee commission? - ✔✔broker
✔✔How are commissions determined? - ✔✔negotiated never fixed
✔✔When are real estate commissions collected? - ✔✔at time of closing paid to
timeshare agents after rescission
✔✔What is excluded from truth in lending - ✔✔property value or sales commission
✔✔How long does a timeshare resort have to amend an incokplete or inadequate public
offering statement? - ✔✔45 days
✔✔How long is the rescission period on camping contracts? - ✔✔15 days
✔✔How many members are on the TN human rights commission? - ✔✔15
✔✔How are the members of the TN human rights commission divided? - ✔✔5 from
each grand division
✔✔What is the term of a TN human rights commission member? - ✔✔6 years
✔✔What is the penalty for cancellation? - ✔✔there is no penalty
✔✔How much of a deposit must be in independent escrow? - ✔✔100%
✔✔Who is ultimately responsible for funds even after paid over to escrow company -
✔✔Broker
✔✔What is the result if the developer cancels a contract during applicable rescission
period? - ✔✔purchaser must return all materials in good condition if materials not
returned developer may deduct costs
✔✔What are the requirements to sell timeshare - ✔✔License and must be affiliated with
firm which is affiliated with a registered timeshare project
, ✔✔When did regulation-z come into effect - ✔✔1969
✔✔Why was the truth in lending passed? - ✔✔to disclose all facts in a lending
transaction
✔✔Is errors and omissions insurance required for inactive or retired license? - ✔✔no
✔✔How many members of TREC are the general public - ✔✔2
✔✔The truth in lending is part of what legislation? - ✔✔consumer protection act
✔✔In civil liability the commission would be defeated by - ✔✔the attorney general
✔✔What is the penalty for any person acting as a broker affiliate broker timeshare
salesperson or acquisition agent without first obtaining license? - ✔✔class B
misdemeanor
✔✔Whose responsibility is it to select the chair anc vice chair of TREC - ✔✔TREC
✔✔Who has custody and charge of the Seal - ✔✔The commission executive director
✔✔ 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
QUESTIONS AND ANSWERS GRADED A+
✔✔What is the fee to change your address? - ✔✔Nothing 0
✔✔What are the essentials of a contract? - ✔✔offer and acceptance, legal purposes,
consideration, reality of consent, competent parties
✔✔who can pay a licensee commission? - ✔✔broker
✔✔How are commissions determined? - ✔✔negotiated never fixed
✔✔When are real estate commissions collected? - ✔✔at time of closing paid to
timeshare agents after rescission
✔✔What is excluded from truth in lending - ✔✔property value or sales commission
✔✔How long does a timeshare resort have to amend an incokplete or inadequate public
offering statement? - ✔✔45 days
✔✔How long is the rescission period on camping contracts? - ✔✔15 days
✔✔How many members are on the TN human rights commission? - ✔✔15
✔✔How are the members of the TN human rights commission divided? - ✔✔5 from
each grand division
✔✔What is the term of a TN human rights commission member? - ✔✔6 years
✔✔What is the penalty for cancellation? - ✔✔there is no penalty
✔✔How much of a deposit must be in independent escrow? - ✔✔100%
✔✔Who is ultimately responsible for funds even after paid over to escrow company -
✔✔Broker
✔✔What is the result if the developer cancels a contract during applicable rescission
period? - ✔✔purchaser must return all materials in good condition if materials not
returned developer may deduct costs
✔✔What are the requirements to sell timeshare - ✔✔License and must be affiliated with
firm which is affiliated with a registered timeshare project
, ✔✔When did regulation-z come into effect - ✔✔1969
✔✔Why was the truth in lending passed? - ✔✔to disclose all facts in a lending
transaction
✔✔Is errors and omissions insurance required for inactive or retired license? - ✔✔no
✔✔How many members of TREC are the general public - ✔✔2
✔✔The truth in lending is part of what legislation? - ✔✔consumer protection act
✔✔In civil liability the commission would be defeated by - ✔✔the attorney general
✔✔What is the penalty for any person acting as a broker affiliate broker timeshare
salesperson or acquisition agent without first obtaining license? - ✔✔class B
misdemeanor
✔✔Whose responsibility is it to select the chair anc vice chair of TREC - ✔✔TREC
✔✔Who has custody and charge of the Seal - ✔✔The commission executive director
✔✔ 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
