Tennessee Timeshare Practice Exam
2023/ 65 Question with correct Answers/
Verified.
Timeshare units can be created: - -in any unit unless prohibited by local laws
-Receipt of Public Offering Statement shall take place no later than: - -Date of sale
-To be valid, a Public Offering Statement must be: - -signed and dated
-Disclosure of Recession of Rights must appear in bold face print in the: - -contract and
public offering statement
-Escrow account for timeshare sale shall not be held by: - -the developer
-Who is ultimately responsible for Escrow funds? - -the broker
-Any person other than a developer or lender who acquires an interest in a Timeshare is
called: - -purchaser
-A person visits a Timeshare resort in Tennessee and signs a contract of sale. The
maximum recession period for this person is: - -10 days
-A timeshare contract is voidable by purchaser until: - -a 10 day recession period has
passed and until they have received a public offering statement
-A person who solicits people to attend a timeshare presentation is: - -an acquisition
agent
-A person who exchanges timeshare intervals in exchange programs with other
timeshare intervals is called a/an: - -exchange agent
-Price increase in timeshare can NOT be announced more than how many days prior to
the effective date? - -60 days
-If an unlicensed person is fined by TREC, not the court, the maximum fine is ______
per offense. - -$1,000
, -The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - -to
protect the public
-A timeshare resort may offer a promotional gift as an inducement to tour if all the
following conditions are met EXCEPT: - -it must be approved by the Tennessee Real
Estate Commission
-The TN Real Estate Commission has the authority to perform the following duties
EXCEPT: - -sentence a guilty licensee to a jail term
-There are ____ members of the TN Real Estate Commission - -9
-The TN Real Estate Commission is declared to be: - -a judicial body
-Errors and Omission Insurance is required: - -as a condition of licensing
-Who appoints individuals to the TN Real Estate Commission: - -the governor
-The term "person" means: - -an individual, corporations, and partnerships
-A person who violates the law by selling timeshares without a license is guilty of: - -
class B misdemeanor
-In order for a license to be revoked or suspended by the TN Real Estate Commission it
takes a vote of: - -a majority of the commission
-The Education of Recovery Fund: - -applies to all licensee and firms
-All licenses expire: - -two years from the date of being licensed
-The most any license can have paid out of the Education and Recovery fund is: - -
$30,000
-Who is responsible to see that a licensee's fees and education are up to date? - -
licensee
-The TN Timeshare Act was established in: - -1981
-What type of license would a salesperson need to sell timeshare? - -either an affiliate
brokers license,
brokers license,
2023/ 65 Question with correct Answers/
Verified.
Timeshare units can be created: - -in any unit unless prohibited by local laws
-Receipt of Public Offering Statement shall take place no later than: - -Date of sale
-To be valid, a Public Offering Statement must be: - -signed and dated
-Disclosure of Recession of Rights must appear in bold face print in the: - -contract and
public offering statement
-Escrow account for timeshare sale shall not be held by: - -the developer
-Who is ultimately responsible for Escrow funds? - -the broker
-Any person other than a developer or lender who acquires an interest in a Timeshare is
called: - -purchaser
-A person visits a Timeshare resort in Tennessee and signs a contract of sale. The
maximum recession period for this person is: - -10 days
-A timeshare contract is voidable by purchaser until: - -a 10 day recession period has
passed and until they have received a public offering statement
-A person who solicits people to attend a timeshare presentation is: - -an acquisition
agent
-A person who exchanges timeshare intervals in exchange programs with other
timeshare intervals is called a/an: - -exchange agent
-Price increase in timeshare can NOT be announced more than how many days prior to
the effective date? - -60 days
-If an unlicensed person is fined by TREC, not the court, the maximum fine is ______
per offense. - -$1,000
, -The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - -to
protect the public
-A timeshare resort may offer a promotional gift as an inducement to tour if all the
following conditions are met EXCEPT: - -it must be approved by the Tennessee Real
Estate Commission
-The TN Real Estate Commission has the authority to perform the following duties
EXCEPT: - -sentence a guilty licensee to a jail term
-There are ____ members of the TN Real Estate Commission - -9
-The TN Real Estate Commission is declared to be: - -a judicial body
-Errors and Omission Insurance is required: - -as a condition of licensing
-Who appoints individuals to the TN Real Estate Commission: - -the governor
-The term "person" means: - -an individual, corporations, and partnerships
-A person who violates the law by selling timeshares without a license is guilty of: - -
class B misdemeanor
-In order for a license to be revoked or suspended by the TN Real Estate Commission it
takes a vote of: - -a majority of the commission
-The Education of Recovery Fund: - -applies to all licensee and firms
-All licenses expire: - -two years from the date of being licensed
-The most any license can have paid out of the Education and Recovery fund is: - -
$30,000
-Who is responsible to see that a licensee's fees and education are up to date? - -
licensee
-The TN Timeshare Act was established in: - -1981
-What type of license would a salesperson need to sell timeshare? - -either an affiliate
brokers license,
brokers license,
