Tennessee Timeshare License Exam | 55 Questions
with 100% Correct Answers | Updated | Graded A+
What is an acquisition agent? - -People who solicit others to attend a presentation
-When does your license expire? - -2 years from the date of issuance
-What are the powers of the commission? - -The can fine you, suspend your license, or
refer you to court.
-If your license is expired, how can you get reinstated? - -Retake the test
-What is an escrow account? - -Deposit for purchase into a bank account
-Who is the developer and can they be refused a license? - -The person or entity which
is in the business of creating or selling any timeshare program
-What is the project? - -The developement
-What is an exchange agent? - -RCI
-What can be a timeshare? - -Anything unless it is prohibited by other documents
-What is a project instrument? - -All documents associated with the timeshare
-If the property is not a timeshare, what is it? - -A rental or whole ownership
-When do we present the public offering statement? - -The first thing in the closing, it
must contain the rescission statement in it.
-What is the rescission/cancellation period in TN? - -10 or 15 days
, -How long does one have to submit a complaint if they feel they have been
discriminated against? - -180 days
-How long do you have to spend as an affiliate broker before you can apply for a broker
license? - -Three Years
-What is errors and ommision insurance? Who has to have it? - -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? - -6 months
-Who is responsible to renew your license? - -I am
-What does not have to be in the Truth and Lending Statement? - -Property Value
-In advertising, what does misleading mean? - -Any statement action or laim which is
untrue
-What can you do if a guest does not have their gifts after 72 hours?? - -Give them the
gifts or the cash equivalent
-What can be guaranteed to a purchaser? - -Anything in writing
-What are multiple owners called? - -Tenants in common
-When may TREC request access to your office records? - -Anytime during business
hours
-What is the purpose of TREC? - -To protect the public
-What documents are not contracts? - -DEEDS
with 100% Correct Answers | Updated | Graded A+
What is an acquisition agent? - -People who solicit others to attend a presentation
-When does your license expire? - -2 years from the date of issuance
-What are the powers of the commission? - -The can fine you, suspend your license, or
refer you to court.
-If your license is expired, how can you get reinstated? - -Retake the test
-What is an escrow account? - -Deposit for purchase into a bank account
-Who is the developer and can they be refused a license? - -The person or entity which
is in the business of creating or selling any timeshare program
-What is the project? - -The developement
-What is an exchange agent? - -RCI
-What can be a timeshare? - -Anything unless it is prohibited by other documents
-What is a project instrument? - -All documents associated with the timeshare
-If the property is not a timeshare, what is it? - -A rental or whole ownership
-When do we present the public offering statement? - -The first thing in the closing, it
must contain the rescission statement in it.
-What is the rescission/cancellation period in TN? - -10 or 15 days
, -How long does one have to submit a complaint if they feel they have been
discriminated against? - -180 days
-How long do you have to spend as an affiliate broker before you can apply for a broker
license? - -Three Years
-What is errors and ommision insurance? Who has to have it? - -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? - -6 months
-Who is responsible to renew your license? - -I am
-What does not have to be in the Truth and Lending Statement? - -Property Value
-In advertising, what does misleading mean? - -Any statement action or laim which is
untrue
-What can you do if a guest does not have their gifts after 72 hours?? - -Give them the
gifts or the cash equivalent
-What can be guaranteed to a purchaser? - -Anything in writing
-What are multiple owners called? - -Tenants in common
-When may TREC request access to your office records? - -Anytime during business
hours
-What is the purpose of TREC? - -To protect the public
-What documents are not contracts? - -DEEDS
