Timeshare License Exam 2023/ 171 Questions
and Answers / 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
and Answers / 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
