Timeshare Exam Practice Test
• 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
• What is a unit?` -✓✓Real property improvements in a project which is divided
into timeshare program.
• What is a managing agent? -✓✓Person with management duties and
responsibilities and obligations of a timeshare program
• What are timeshare units? (what can be a timeshare) -✓✓Anything can be a
timeshare unit unless expressly prohibited by project instruments or local
governing laws
• What should be included in the Public Offering Statement? -✓✓name of county
where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
, Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of timeshare units
ownership interest/maintenance provisions/ replacement
• ____ must be provided to each purchaser of a timeshare. -✓✓Public Offering
statement
• When must you give a public offering statement? What is the exception? -
✓✓Must be provided to each purchaser of a timeshare . EXCEPTION: developer
was registered and POS was provided to a purchaser under Security and Exchange
act etc.
• What is an escrow of deposits? -✓✓When purchaser gives deposit money it is
placed in an account of an independent escrow company and held 100% during
cancellation period. (must be insured)
• All licensees must have ___________ coverage. -✓✓Errors and Omissions
• In _________, the contract is voidable by the purchaser or the developer until he
has received ___________. -✓✓Mutual rights of cancellation, Public offering
statements
• 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?
• 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
• What is a unit?` -✓✓Real property improvements in a project which is divided
into timeshare program.
• What is a managing agent? -✓✓Person with management duties and
responsibilities and obligations of a timeshare program
• What are timeshare units? (what can be a timeshare) -✓✓Anything can be a
timeshare unit unless expressly prohibited by project instruments or local
governing laws
• What should be included in the Public Offering Statement? -✓✓name of county
where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
, Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of timeshare units
ownership interest/maintenance provisions/ replacement
• ____ must be provided to each purchaser of a timeshare. -✓✓Public Offering
statement
• When must you give a public offering statement? What is the exception? -
✓✓Must be provided to each purchaser of a timeshare . EXCEPTION: developer
was registered and POS was provided to a purchaser under Security and Exchange
act etc.
• What is an escrow of deposits? -✓✓When purchaser gives deposit money it is
placed in an account of an independent escrow company and held 100% during
cancellation period. (must be insured)
• All licensees must have ___________ coverage. -✓✓Errors and Omissions
• In _________, the contract is voidable by the purchaser or the developer until he
has received ___________. -✓✓Mutual rights of cancellation, Public offering
statements
• 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?
