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