Timeshare License Exam Questions and Answers Already
Graded A
How long is a TSA license valid for?
2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the
license expire?
June 30, 2002 (end of the month - 2 years later)
If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009,
when will the license expire?
June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide:
An application, certificates for passing the examination and completing the 14 hour
course, and $175
If a timeshare agent is served notice that the division has filed charges against
him/her, he/she has how many days in which to file with the Division and answer
to the charges?
20 days
A developer may NOT make a material change in the timeshare plan without
giving the Division at LEAST how many days notice?
10 days
If the highest monthly total of deposits received by a project is $50,000 what is
the amount of surety bond REQUIRED for the benefit of the purchasers?
$50,000
What is a timeshare?
A guaranteed reservation at the resort of your choice
What is a fractional ownership?
Ownership of an interval of 1 month to 1/2 year
The value of an individual timeshare usually
decreases in value
An agreement between two or more parties is called
a contract
The following elements are necessary to create an agency relationship EXCEPT:
consideration
The following elements are necessary to create an agency relationship:
perception of representation, understanding, and reliance
Which of the following is NOT necessary to form a contract?
performance
Which of the following is necessary to form a contract?
meeting of the minds, consideration, and competence
The essential parts of a written contract include
competent parties, mutual consent, consideration, and legal obligation
Which statements MUST be printed above the purchaser's signature one in each
contract for sale of a timeshare?
, The purchaser of a timeshare may cancel, by written notice, the contract of sale until
midnight of the fifth calendar day.
The right of cancellation may not be waived. Any attempt by the developer to obtain a
waiver results in a contract that is voidable by the purchaser.
Developer Tyson has defaulted on his project. Which clause provides protection
for prior purchasers?
non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare?
buy it from an existing owner
The purchaser may cancel the transaction
until midnight of the 5th calendar day after signing
Escrow may NOT be closed until the
1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
Developer Douglas has submitted an application to the administrator for a permit
to sell timeshares. The Division shall issue an order within how many days after
the receipt of the application?
30 days
The administrator has scheduled an informal meeting to discuss certain sales
practices at Douglas' promotional meetings. Which of the following is NOT true?
1. Matters discussed or materials presented may be used in any subsequent formal
hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under the
provisions of
Nevada revised statutes 119A
MOST timeshare units are sold on credit. These lending arrangements MUST
comply with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of
Regulation Z, as applied to timeshare sales, is to assure:
Full disclosure of all financing costs and charges
Full disclosure
AKA truth and lending
Federal Reserve Board's Regulation Z is applicable to
Fees only, right to use only, campsite membership
Financing of individual unit sales is MOST often provided by
the developer
Anyone purchasing timeshare MUST
sign a written contract
After a purchaser has signed the timeshare purchase agreement, the purchaser
may
Graded A
How long is a TSA license valid for?
2 years
If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the
license expire?
June 30, 2002 (end of the month - 2 years later)
If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009,
when will the license expire?
June 30, 2010 (end of the month - 1 year later)
An applicant for an original timeshare license MUST provide:
An application, certificates for passing the examination and completing the 14 hour
course, and $175
If a timeshare agent is served notice that the division has filed charges against
him/her, he/she has how many days in which to file with the Division and answer
to the charges?
20 days
A developer may NOT make a material change in the timeshare plan without
giving the Division at LEAST how many days notice?
10 days
If the highest monthly total of deposits received by a project is $50,000 what is
the amount of surety bond REQUIRED for the benefit of the purchasers?
$50,000
What is a timeshare?
A guaranteed reservation at the resort of your choice
What is a fractional ownership?
Ownership of an interval of 1 month to 1/2 year
The value of an individual timeshare usually
decreases in value
An agreement between two or more parties is called
a contract
The following elements are necessary to create an agency relationship EXCEPT:
consideration
The following elements are necessary to create an agency relationship:
perception of representation, understanding, and reliance
Which of the following is NOT necessary to form a contract?
performance
Which of the following is necessary to form a contract?
meeting of the minds, consideration, and competence
The essential parts of a written contract include
competent parties, mutual consent, consideration, and legal obligation
Which statements MUST be printed above the purchaser's signature one in each
contract for sale of a timeshare?
, The purchaser of a timeshare may cancel, by written notice, the contract of sale until
midnight of the fifth calendar day.
The right of cancellation may not be waived. Any attempt by the developer to obtain a
waiver results in a contract that is voidable by the purchaser.
Developer Tyson has defaulted on his project. Which clause provides protection
for prior purchasers?
non-disturbance clause
How would a prospective purchaser get the BEST deal on a timeshare?
buy it from an existing owner
The purchaser may cancel the transaction
until midnight of the 5th calendar day after signing
Escrow may NOT be closed until the
1. buyer's check clears his bank
2. project is free and clear of any blanket encumbrances
3. cancellation period has expired
Developer Douglas has submitted an application to the administrator for a permit
to sell timeshares. The Division shall issue an order within how many days after
the receipt of the application?
30 days
The administrator has scheduled an informal meeting to discuss certain sales
practices at Douglas' promotional meetings. Which of the following is NOT true?
1. Matters discussed or materials presented may be used in any subsequent formal
hearings
2. May be tap recorded
3. Is lawful under NRS 119A
4. Mandates a judge or constable be present for the record
CORRECT: Mandates a judge or constable be present for the record
The sale of a timeshare interests in the State of Nevada is regulated under the
provisions of
Nevada revised statutes 119A
MOST timeshare units are sold on credit. These lending arrangements MUST
comply with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of
Regulation Z, as applied to timeshare sales, is to assure:
Full disclosure of all financing costs and charges
Full disclosure
AKA truth and lending
Federal Reserve Board's Regulation Z is applicable to
Fees only, right to use only, campsite membership
Financing of individual unit sales is MOST often provided by
the developer
Anyone purchasing timeshare MUST
sign a written contract
After a purchaser has signed the timeshare purchase agreement, the purchaser
may
