TENNESSEE TIMESHARE LATEST 2026 EXAM QUESTIONS
AND ANSWERS GRADED A+
✔✔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
✔✔Who must have an errors and omission coverage ? - ✔✔Active licensees
✔✔In ___________, the contract is voidable by the purchaser of the developer, until he
has received ___________. - ✔✔Mutual rights of cancellation, public offering statement
✔✔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 how many days of notice? - ✔✔30
✔✔Misleading advertisement is unlawful. True or false? - ✔✔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 2 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 laid to any person who does not hold a real estate license? -
✔✔Cash rebates, cash gifts, and cash prizes
✔✔If for any reason, a guest has not received their gifts within a period of _____ , they
may be given the gift if the cash equivalent. - ✔✔72 hours
✔✔What are the powers of the real estate commission? - ✔✔They can fine licensees,
they can suspend your license, they can refer you to a court of law, their investigators
, can come by at anytime during business hours to see any of your records and they can
close a development.
✔✔The real estate commissions forms all the rules in accordance with the -
✔✔Tennessee Code Annotated
✔✔Renewal fee for license? - ✔✔$80
✔✔Original license fee is ____, plus the ____ for education and recovery fee - ✔✔$100,
$10
✔✔You must renew you license how many days prior to expiration? - ✔✔60
✔✔If you terminate your affiliation, you have ____ days to notify the commission -
✔✔10
✔✔What are the requirements for a contract and agreement to be made? - ✔✔Offer
and acceptance - valid consideration - competent parties - legal purposes - reality of
consent
✔✔Disclosure of everything related to a loan is considered ___________. It came into
being when the banking industry was deregulated - ✔✔Truth in lending
✔✔_____________is a consumer credit protection law which is a part of the truth in
lending. - ✔✔Regulation - Z
✔✔When does license expire? - ✔✔2 years less one day from the date of issuance
✔✔How do you get reinstated if you let your license expire? - ✔✔The penalty is $50 per
month for two months then $100 per month up to six months, after that you must re-test
✔✔Who is the developer? Can they be refused a license or registration? - ✔✔The
seller. Yes, if they are a moral or financially unstable
✔✔What is a project instrument? - ✔✔All documents associated with the timeshare
✔✔If a property is not a timeshare, it is what? - ✔✔Rental or whole ownership
✔✔When do you 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
AND ANSWERS GRADED A+
✔✔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
✔✔Who must have an errors and omission coverage ? - ✔✔Active licensees
✔✔In ___________, the contract is voidable by the purchaser of the developer, until he
has received ___________. - ✔✔Mutual rights of cancellation, public offering statement
✔✔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 how many days of notice? - ✔✔30
✔✔Misleading advertisement is unlawful. True or false? - ✔✔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 2 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 laid to any person who does not hold a real estate license? -
✔✔Cash rebates, cash gifts, and cash prizes
✔✔If for any reason, a guest has not received their gifts within a period of _____ , they
may be given the gift if the cash equivalent. - ✔✔72 hours
✔✔What are the powers of the real estate commission? - ✔✔They can fine licensees,
they can suspend your license, they can refer you to a court of law, their investigators
, can come by at anytime during business hours to see any of your records and they can
close a development.
✔✔The real estate commissions forms all the rules in accordance with the -
✔✔Tennessee Code Annotated
✔✔Renewal fee for license? - ✔✔$80
✔✔Original license fee is ____, plus the ____ for education and recovery fee - ✔✔$100,
$10
✔✔You must renew you license how many days prior to expiration? - ✔✔60
✔✔If you terminate your affiliation, you have ____ days to notify the commission -
✔✔10
✔✔What are the requirements for a contract and agreement to be made? - ✔✔Offer
and acceptance - valid consideration - competent parties - legal purposes - reality of
consent
✔✔Disclosure of everything related to a loan is considered ___________. It came into
being when the banking industry was deregulated - ✔✔Truth in lending
✔✔_____________is a consumer credit protection law which is a part of the truth in
lending. - ✔✔Regulation - Z
✔✔When does license expire? - ✔✔2 years less one day from the date of issuance
✔✔How do you get reinstated if you let your license expire? - ✔✔The penalty is $50 per
month for two months then $100 per month up to six months, after that you must re-test
✔✔Who is the developer? Can they be refused a license or registration? - ✔✔The
seller. Yes, if they are a moral or financially unstable
✔✔What is a project instrument? - ✔✔All documents associated with the timeshare
✔✔If a property is not a timeshare, it is what? - ✔✔Rental or whole ownership
✔✔When do you 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
