Timeshare - Final Exam New 2023 with complete solution
The main reasons the rental or resale value of any timeshare can vary are due to:
Its location, season, size, competition, age, and demand.
When bringing an individual into an organization, the human resource staff
should determine if the candidate's values are consistent with the organizations.
The indoctrination of a new employee into an organization should include:
An in-depth discussion of the organization's purpose, values, and goals.
Madsen Marketing Agency worked on a direct mail campaign for Buzz
Development. The developer told the marketing agency to promote a contest
featuring twelve free Mercedes. When the contest winner came to claim their cars,
they found the Mercedes were actually toys. Under the FTC prospect acquisition
regulations:
Buzz Development and Madsen Marketing Agency can be held responsible for unfair or
deceptive practices.
Once an owners' association assumes control of the property, it may
Find and hire its own management team.
Ask the developer to remain as the property manager.
Contract with an independent property management firm.
During the trial close process, it is important for the salesperson to:
Summarize the prospect's perceived product benefits
Address objections that might exist
Summarize the prospect's dominant buying motive
The forms of legal design for a vacation ownership resort are:
Club membership, fee simple, right-to-use, and leasehold.
What can a sales manager do to cultivate the sales team?
Communicate expectations
Offer rewards and recognition
Set goals
In a right-to-use resort without an association, the developer retains control over
property management:
Indefinitely.
If the property budget does not set aside enough reserve funds to anticipate
future furniture, fixture, appliance repairs, and the repairs or improvements to the
physical structures of the buildings, the owners are likely to levy a __________ to
pay for these items when such expenses become necessary.
Special assessment.
Which of the following is the biggest drawback in using a script during the sales
process?
It limits the degree of flexibility on the salesperson's part in presenting the vacation
ownership product.
All disclosures required under the ARDA Code of Ethics must be:
Easily located, conspicuous, and readable
Early in the sales process, the most costly element in the marketing program is
generally:
Lead generation
, True or false, rental programs should be operated most importantly to offset
annual maintenance fees.
True
How has social media changed public relations in the timeshare industry?
It allows negative or positive comments to be addressed quickly.
Allows companies to communicate with prospective customers
It can be used to obtain endorsements
The human resource function includes:
Forecasting staffing needs.
Because owners generally do not live close to the resort, the resort general
manager, management company, or HOA Board usually must do which of the
following in order to ensure a quorum for a proper owners' association meeting:
Solicit owners' proxies and tally the returns.
Which of the following characteristics does not fit in with the typical timeshare
buyer's demographics:
Aged 25-34
Under the ARDA Code of Standards & Ethics "development interests" and
"activities" would include:
Virtually any business practice in which an ARDA member is involved.
After a prospect indicates a willingness to purchase, the salesperson's next big
challenge is to:
Ensure that all components of the purchase contract are covered and clearly
understood.
Factors that led to the confusion over what is meant by "right-to-use" are:
Differing opinions have been handed down by the state attorneys general as to right to
use, deeded interests, leaseholds and easements, and lenders commonly viewed the
underlying real estate as a security regardless of classification.
Pre-tour activities are designed for the salesperson to:
Break the ice and provide general information to the prospect.
Shoppers, people who visit and tour resorts pretending to be regular prospects
and who then report their sales experience to sales management, are hired
because the resort wants to
Ensure a positive experience during the sales tour
Relative to a resort's location, which of the following are true?
The resort should provide descriptive information on area attractions and available
services on site and within the immediate area for consumer use.
When selecting an outside marketing agency, the developer should ask about:
The marketing agency's previous performance record
Whether the marketing agency has access to the intended customer base.
The marketing agency's ability to cover start up costs for the marketing program
An owner benefit of purchasing a villa containing a lock-off unit is that:
It enables the owner to use one week in the main portion and the other in the lock-off
Resale purchasers should be aware of the following:
It enables the owner to use one week in the main portion and the other in the lock-off
In talking about exchange services, one should strictly avoid telling a timeshare
owner or prospective owner that:
The main reasons the rental or resale value of any timeshare can vary are due to:
Its location, season, size, competition, age, and demand.
When bringing an individual into an organization, the human resource staff
should determine if the candidate's values are consistent with the organizations.
The indoctrination of a new employee into an organization should include:
An in-depth discussion of the organization's purpose, values, and goals.
Madsen Marketing Agency worked on a direct mail campaign for Buzz
Development. The developer told the marketing agency to promote a contest
featuring twelve free Mercedes. When the contest winner came to claim their cars,
they found the Mercedes were actually toys. Under the FTC prospect acquisition
regulations:
Buzz Development and Madsen Marketing Agency can be held responsible for unfair or
deceptive practices.
Once an owners' association assumes control of the property, it may
Find and hire its own management team.
Ask the developer to remain as the property manager.
Contract with an independent property management firm.
During the trial close process, it is important for the salesperson to:
Summarize the prospect's perceived product benefits
Address objections that might exist
Summarize the prospect's dominant buying motive
The forms of legal design for a vacation ownership resort are:
Club membership, fee simple, right-to-use, and leasehold.
What can a sales manager do to cultivate the sales team?
Communicate expectations
Offer rewards and recognition
Set goals
In a right-to-use resort without an association, the developer retains control over
property management:
Indefinitely.
If the property budget does not set aside enough reserve funds to anticipate
future furniture, fixture, appliance repairs, and the repairs or improvements to the
physical structures of the buildings, the owners are likely to levy a __________ to
pay for these items when such expenses become necessary.
Special assessment.
Which of the following is the biggest drawback in using a script during the sales
process?
It limits the degree of flexibility on the salesperson's part in presenting the vacation
ownership product.
All disclosures required under the ARDA Code of Ethics must be:
Easily located, conspicuous, and readable
Early in the sales process, the most costly element in the marketing program is
generally:
Lead generation
, True or false, rental programs should be operated most importantly to offset
annual maintenance fees.
True
How has social media changed public relations in the timeshare industry?
It allows negative or positive comments to be addressed quickly.
Allows companies to communicate with prospective customers
It can be used to obtain endorsements
The human resource function includes:
Forecasting staffing needs.
Because owners generally do not live close to the resort, the resort general
manager, management company, or HOA Board usually must do which of the
following in order to ensure a quorum for a proper owners' association meeting:
Solicit owners' proxies and tally the returns.
Which of the following characteristics does not fit in with the typical timeshare
buyer's demographics:
Aged 25-34
Under the ARDA Code of Standards & Ethics "development interests" and
"activities" would include:
Virtually any business practice in which an ARDA member is involved.
After a prospect indicates a willingness to purchase, the salesperson's next big
challenge is to:
Ensure that all components of the purchase contract are covered and clearly
understood.
Factors that led to the confusion over what is meant by "right-to-use" are:
Differing opinions have been handed down by the state attorneys general as to right to
use, deeded interests, leaseholds and easements, and lenders commonly viewed the
underlying real estate as a security regardless of classification.
Pre-tour activities are designed for the salesperson to:
Break the ice and provide general information to the prospect.
Shoppers, people who visit and tour resorts pretending to be regular prospects
and who then report their sales experience to sales management, are hired
because the resort wants to
Ensure a positive experience during the sales tour
Relative to a resort's location, which of the following are true?
The resort should provide descriptive information on area attractions and available
services on site and within the immediate area for consumer use.
When selecting an outside marketing agency, the developer should ask about:
The marketing agency's previous performance record
Whether the marketing agency has access to the intended customer base.
The marketing agency's ability to cover start up costs for the marketing program
An owner benefit of purchasing a villa containing a lock-off unit is that:
It enables the owner to use one week in the main portion and the other in the lock-off
Resale purchasers should be aware of the following:
It enables the owner to use one week in the main portion and the other in the lock-off
In talking about exchange services, one should strictly avoid telling a timeshare
owner or prospective owner that:
