TN Timeshare Exam Practice Test Questions and Answers
Rated A+
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
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?
Prize or gift promotional offers are only okay under what two 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 paid to any person who does not have a real estate license?
Case rebates, cash gits and cash prizes.
If for any reason a guest has not received their gifts within ____, they may be
given the gift or cash equivalent.
72 hours
What are the powers of the real estate commission?
They can fine licensees, suspend the license, refer you to a court of law, their
investigator can come by any time during business hours to see any of your records and
they can close a development.
The real estate commission forms the rules in accordance with the ____.
Tennessee Code Annotated
What are the prerequisites for licensing?
Honest, 18 years of age, resident of state, not criminal, not on probation.
True or false? An applicant who has passed the exam within the last 6 months is
not necessarily qualified for a license.
True
What is the renewal fee for the license?
80
The original license fee is ____ Plus ___ for education and recovery fee?
100, 30
You must renew you license ____ days prior to expiration
60
You must make a minimum passing score of _____% on your exam.
Rated A+
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
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?
Prize or gift promotional offers are only okay under what two 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 paid to any person who does not have a real estate license?
Case rebates, cash gits and cash prizes.
If for any reason a guest has not received their gifts within ____, they may be
given the gift or cash equivalent.
72 hours
What are the powers of the real estate commission?
They can fine licensees, suspend the license, refer you to a court of law, their
investigator can come by any time during business hours to see any of your records and
they can close a development.
The real estate commission forms the rules in accordance with the ____.
Tennessee Code Annotated
What are the prerequisites for licensing?
Honest, 18 years of age, resident of state, not criminal, not on probation.
True or false? An applicant who has passed the exam within the last 6 months is
not necessarily qualified for a license.
True
What is the renewal fee for the license?
80
The original license fee is ____ Plus ___ for education and recovery fee?
100, 30
You must renew you license ____ days prior to expiration
60
You must make a minimum passing score of _____% on your exam.
