Tennessee Timeshare License Exam with 100% Correct Answers

What is an acquisition agent? Ans People who solicit others to attend a presentation When does your license expire? Ans 2 years from the date of issuance What are the powers of the commission? Ans The can fine you, suspend your license, or refer you to court. If your license is expired, how can you get reinstated? Ans Retake the test What is an escrow account? Ans Deposit for purchase into a bank account Who is the developer and can they be refused a license? Ans The person or entity which is in the business of creating or selling any timeshare program What is the project? Ans The developement What is an exchange agent? Ans RCI What can be a timeshare? Ans Anything unless it is prohibited by other documents What is a project instrument? Ans All documents associated with the timeshare If the property is not a timeshare, what is it? Ans A rental or whole ownership When do we present the public offering statement? Ans The first thing in the closing, it must contain the rescission statement in it. What is the rescission/cancellation period in TN? Ans 10 or 15 days How long does one have to submit a complaint if they feel they have been discriminated against? Ans 180 days How long do you have to spend as an affiliate broker before you can apply for a broker license? Ans Three Years What is errors and ommision insurance? Who has to have it? Ans 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? Ans 6 months Who is responsible to renew your license? Ans I am What does not have to be in the Truth and Lending Statement? Ans Property Value In advertising, what does misleading mean? Ans Any statement action or laim which is untrue What can you do if a guest does not have their gifts after 72 hours?? Ans Give them the gifts or the cash equivalent What can be guaranteed to a purchaser? Ans Anything in writing What are multiple owners called? Ans Tenants in common When may TREC request access to your office records? Ans Anytime during business hours What is the purpose of TREC? Ans To protect the public What documents are not contracts? Ans DEEDS Who can void the contract during the rescission period? Ans Both the buyer and seller What is an example of a voidable contract? Ans It lacks enforceability Who is responsible for misleading advertising? Ans The person who placed the ad and the principal broker What would keep a developer from obtaining a license? Ans Bankruptcy or moral issues If your boss tells you to sell to women only, and you comply, what are you guilty of? Ans A variety of discriminatory actions When is a public offering statement not required? Ans During resale Before a timeshare is a timeshare, what is it? Ans A project Can you indicated that a prospective tour has won a prize? Ans NO Can you misstate the value of a gift? Ans NO What must be stated in a Truth of Lending? Ans Disclosure of everything related to a loan