Tennessee Timeshare License Exam 2023 Already Passed
What is an acquisition agent?
People who solicit others to attend a presentation
When does your license expire?
2 years from the date of issuance
What are the powers of the commission?
The can fine you, suspend your license, or refer you to court.
If your license is expired, how can you get reinstated?
Retake the test
What is an escrow account?
Deposit for purchase into a bank account
Who is the developer and can they be refused a license?
The person or entity which is in the business of creating or selling any timeshare
program
What is the project?
The developement
What is an exchange agent?
RCI
What can be a timeshare?
Anything unless it is prohibited by other documents
What is a project instrument?
All documents associated with the timeshare
If the property is not a timeshare, what is it?
A rental or whole ownership
When do we present the public offering statement?
The first thing in the closing, it must contain the rescission statement in it.
What is the rescission/cancellation period in TN?
10 or 15 days
How long does one have to submit a complaint if they feel they have been
discriminated against?
180 days
How long do you have to spend as an affiliate broker before you can apply for a
broker license?
Three Years
What is errors and ommision insurance? Who has to have it?
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?
6 months
Who is responsible to renew your license?
I am
What does not have to be in the Truth and Lending Statement?
Property Value
In advertising, what does misleading mean?
Any statement action or laim which is untrue
What can you do if a guest does not have their gifts after 72 hours??
What is an acquisition agent?
People who solicit others to attend a presentation
When does your license expire?
2 years from the date of issuance
What are the powers of the commission?
The can fine you, suspend your license, or refer you to court.
If your license is expired, how can you get reinstated?
Retake the test
What is an escrow account?
Deposit for purchase into a bank account
Who is the developer and can they be refused a license?
The person or entity which is in the business of creating or selling any timeshare
program
What is the project?
The developement
What is an exchange agent?
RCI
What can be a timeshare?
Anything unless it is prohibited by other documents
What is a project instrument?
All documents associated with the timeshare
If the property is not a timeshare, what is it?
A rental or whole ownership
When do we present the public offering statement?
The first thing in the closing, it must contain the rescission statement in it.
What is the rescission/cancellation period in TN?
10 or 15 days
How long does one have to submit a complaint if they feel they have been
discriminated against?
180 days
How long do you have to spend as an affiliate broker before you can apply for a
broker license?
Three Years
What is errors and ommision insurance? Who has to have it?
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?
6 months
Who is responsible to renew your license?
I am
What does not have to be in the Truth and Lending Statement?
Property Value
In advertising, what does misleading mean?
Any statement action or laim which is untrue
What can you do if a guest does not have their gifts after 72 hours??
