TENNESSEE TIMESHARE EVALUATIO EXAM 2026
QUESTIONS AND ANSWERS GRADED A+
✔✔If civil action is taken, commission must act within - ✔✔60 days
✔✔If buyer is on side and does not see the property or buys the property offsite - ✔✔15
days to cancel contract
✔✔How long is the cancellation period in TN/Rescission - ✔✔10 or 15 days
✔✔What would keep a developer from obtaining a license - ✔✔Bankruptcy or moral
issues
✔✔What are the terms of service for commissioners - ✔✔Executive director 4 years -
commissioner of real estate commission 5 years - commissioner of TN Human Rights 6
years
✔✔Person in the business of creating or selling and timeshare program - ✔✔Developer
✔✔Why would you need to retake the test? - ✔✔Reinstatement for expired license
✔✔Deposits for purchase into a bank account - ✔✔Escrow account
✔✔Anything unless it is prohibited by other documents - ✔✔Timeshare
✔✔If the property is not a timeshare it is a? - ✔✔Whole ownership or rental
✔✔What is the Tennessee real estate commission - ✔✔The judicial body of the real
estate industry in the state of Tennessee
✔✔What makes the judicial body? - ✔✔9 members - 3 from each grand division of the
state - 7 from real estate industry - 2 from the general public
✔✔Purpose of TREC? - ✔✔To protect the public
✔✔What can be guaranteed to a purchaser? - ✔✔Anything in writing
✔✔Who is responsible for misleading advertising - ✔✔Ad placer or principal broker
✔✔First thing in the closing, must contain the rescission statement in it - ✔✔Public
offering statement presentation
✔✔You have many days to submit a discrimination complaint? - ✔✔180 days
, ✔✔What doesn't have to be in the truth of lending statement/public offering statement? -
✔✔Property value
✔✔In advertising, any statement, action, or Liam which is untrue is what? -
✔✔Misleading
✔✔The development - ✔✔The project
✔✔People who solicit others to attend a presentation - ✔✔Acquisition agent
✔✔What is the TN real estate commission ( TREC)? - ✔✔The judicial body of the real
estate industry in TN
✔✔What is a person who sells more than 5 time shares a year that are not their own? -
✔✔Time share resale broker
✔✔Real property improvements in a project which is divided into time share intervals -
✔✔Unit
✔✔Person with management duties and responsibilities and obligations of a time share
program - ✔✔Managing agent
✔✔What are time share units? - ✔✔Time share units can be created in any unit unless
1) expressly prohibited by the project instruments or local governing laws
✔✔What should be included on the public offering statement? - ✔✔-name of contra
where property is located - legal description of property - ID of time periods by letter,
name and number - ID of time share estates and how many units can be time share -
common expenses and voting rights - any restrictions on use, occupancy, alterations or
alienation of time share units - ownership interest/maintenance provisions/ replacement
✔✔________ must be processed to each purchase of a timeshare - ✔✔Public offering
statement
✔✔When do you have to give a public offering statement? What is the exception? -
✔✔Must be provided to each purchaser of a timeshare. Exception: developer was
registered PO statement was provided to register under security and exchange act etc.,
and the owner of the property is not part to provide a public offering statement when
conveying to another individual
✔✔When a purchaser gives deposit money it is placed in an account of an independent
escrow co and held 100% during cancellation period - ✔✔Escrow deposits
QUESTIONS AND ANSWERS GRADED A+
✔✔If civil action is taken, commission must act within - ✔✔60 days
✔✔If buyer is on side and does not see the property or buys the property offsite - ✔✔15
days to cancel contract
✔✔How long is the cancellation period in TN/Rescission - ✔✔10 or 15 days
✔✔What would keep a developer from obtaining a license - ✔✔Bankruptcy or moral
issues
✔✔What are the terms of service for commissioners - ✔✔Executive director 4 years -
commissioner of real estate commission 5 years - commissioner of TN Human Rights 6
years
✔✔Person in the business of creating or selling and timeshare program - ✔✔Developer
✔✔Why would you need to retake the test? - ✔✔Reinstatement for expired license
✔✔Deposits for purchase into a bank account - ✔✔Escrow account
✔✔Anything unless it is prohibited by other documents - ✔✔Timeshare
✔✔If the property is not a timeshare it is a? - ✔✔Whole ownership or rental
✔✔What is the Tennessee real estate commission - ✔✔The judicial body of the real
estate industry in the state of Tennessee
✔✔What makes the judicial body? - ✔✔9 members - 3 from each grand division of the
state - 7 from real estate industry - 2 from the general public
✔✔Purpose of TREC? - ✔✔To protect the public
✔✔What can be guaranteed to a purchaser? - ✔✔Anything in writing
✔✔Who is responsible for misleading advertising - ✔✔Ad placer or principal broker
✔✔First thing in the closing, must contain the rescission statement in it - ✔✔Public
offering statement presentation
✔✔You have many days to submit a discrimination complaint? - ✔✔180 days
, ✔✔What doesn't have to be in the truth of lending statement/public offering statement? -
✔✔Property value
✔✔In advertising, any statement, action, or Liam which is untrue is what? -
✔✔Misleading
✔✔The development - ✔✔The project
✔✔People who solicit others to attend a presentation - ✔✔Acquisition agent
✔✔What is the TN real estate commission ( TREC)? - ✔✔The judicial body of the real
estate industry in TN
✔✔What is a person who sells more than 5 time shares a year that are not their own? -
✔✔Time share resale broker
✔✔Real property improvements in a project which is divided into time share intervals -
✔✔Unit
✔✔Person with management duties and responsibilities and obligations of a time share
program - ✔✔Managing agent
✔✔What are time share units? - ✔✔Time share units can be created in any unit unless
1) expressly prohibited by the project instruments or local governing laws
✔✔What should be included on the public offering statement? - ✔✔-name of contra
where property is located - legal description of property - ID of time periods by letter,
name and number - ID of time share estates and how many units can be time share -
common expenses and voting rights - any restrictions on use, occupancy, alterations or
alienation of time share units - ownership interest/maintenance provisions/ replacement
✔✔________ must be processed to each purchase of a timeshare - ✔✔Public offering
statement
✔✔When do you have to give a public offering statement? What is the exception? -
✔✔Must be provided to each purchaser of a timeshare. Exception: developer was
registered PO statement was provided to register under security and exchange act etc.,
and the owner of the property is not part to provide a public offering statement when
conveying to another individual
✔✔When a purchaser gives deposit money it is placed in an account of an independent
escrow co and held 100% during cancellation period - ✔✔Escrow deposits
