Tennessee Timeshare License Exam
What is an acquisition agent? - ANSWER People who solicit others to attend a presentation
When does your license expire? - ANSWER 2 years from the date of issuance
What are the powers of the commission? - ANSWER The can fine you, suspend your license, or
refer you to court.
If your license is expired, how can you get reinstated? - ANSWER Retake the test
What is an escrow account? - ANSWER Deposit for purchase into a bank account
Who is the developer and can they be refused a license? - ANSWER The person or entity which
is in the business of creating or selling any timeshare program
What is the project? - ANSWER The developement
What is an exchange agent? - ANSWER RCI
What can be a timeshare? - ANSWER Anything unless it is prohibited by other documents
What is a project instrument? - ANSWER All documents associated with the timeshare
If the property is not a timeshare, what is it? - ANSWER A rental or whole ownership
When do we present the public offering statement? - ANSWER The first thing in the closing, it
must contain the rescission statement in it.
, What is the rescission/cancellation period in TN? - ANSWER 10 or 15 days
How long does one have to submit a complaint if they feel they have been discriminated
against? - ANSWER 180 days
How long do you have to spend as an affiliate broker before you can apply for a broker license? -
ANSWER Three Years
What is errors and ommision insurance? Who has to have it? - ANSWER All agents must have
insurance to protect them against inadequate or negative actions
How long after passing your test can you apply for your license? - ANSWER 6 months
Who is responsible to renew your license? - ANSWER I am
What does not have to be in the Truth and Lending Statement? - ANSWER Property Value
In advertising, what does misleading mean? - ANSWER Any statement action or laim which is
untrue
What can you do if a guest does not have their gifts after 72 hours?? - ANSWER Give them the
gifts or the cash equivalent
What can be guaranteed to a purchaser? - ANSWER Anything in writing
What are multiple owners called? - ANSWER Tenants in common
What is an acquisition agent? - ANSWER People who solicit others to attend a presentation
When does your license expire? - ANSWER 2 years from the date of issuance
What are the powers of the commission? - ANSWER The can fine you, suspend your license, or
refer you to court.
If your license is expired, how can you get reinstated? - ANSWER Retake the test
What is an escrow account? - ANSWER Deposit for purchase into a bank account
Who is the developer and can they be refused a license? - ANSWER The person or entity which
is in the business of creating or selling any timeshare program
What is the project? - ANSWER The developement
What is an exchange agent? - ANSWER RCI
What can be a timeshare? - ANSWER Anything unless it is prohibited by other documents
What is a project instrument? - ANSWER All documents associated with the timeshare
If the property is not a timeshare, what is it? - ANSWER A rental or whole ownership
When do we present the public offering statement? - ANSWER The first thing in the closing, it
must contain the rescission statement in it.
, What is the rescission/cancellation period in TN? - ANSWER 10 or 15 days
How long does one have to submit a complaint if they feel they have been discriminated
against? - ANSWER 180 days
How long do you have to spend as an affiliate broker before you can apply for a broker license? -
ANSWER Three Years
What is errors and ommision insurance? Who has to have it? - ANSWER All agents must have
insurance to protect them against inadequate or negative actions
How long after passing your test can you apply for your license? - ANSWER 6 months
Who is responsible to renew your license? - ANSWER I am
What does not have to be in the Truth and Lending Statement? - ANSWER Property Value
In advertising, what does misleading mean? - ANSWER Any statement action or laim which is
untrue
What can you do if a guest does not have their gifts after 72 hours?? - ANSWER Give them the
gifts or the cash equivalent
What can be guaranteed to a purchaser? - ANSWER Anything in writing
What are multiple owners called? - ANSWER Tenants in common
