TN TIMESHARE EXAM PRACTICE TEST
QUESTIONS AND VERIFIED ANSWERS
WELL GRADED (NEW 2025/2026
UPDATE)QUESTIONS WITH VERIFIED
ANSWERS 100% CORRECT /A+ GRADE
What is a unit?` - CORRECT ANSWER-Real property improvements
in a project which is divided into timeshare program.
What is a managing agent? - CORRECT ANSWER-Person with
management duties and responsibilities and obligations of a
timeshare program
What are timeshare units? (what can be a timeshare) - CORRECT
ANSWER-Anything can be a timeshare unit unless expressly
prohibited by project instruments or local governing laws
What should be included in the Public Offering Statement? -
CORRECT ANSWER-name of county where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of
timeshare units
, ownership interest/maintenance provisions/ replacement
____ must be provided to each purchaser of a timeshare. -
CORRECT ANSWER-Public Offering statement
When must you give a public offering statement? What is the
exception? - CORRECT ANSWER-Must be provided to each purchaser
of a timeshare . EXCEPTION: developer was registered and
POS was provided to a purchaser under Security and Exchange
act etc.
What is an escrow of deposits? - CORRECT ANSWER-When purchaser
gives deposit money it is placed in an account of an
independent escrow company and held 100% during
cancellation period. (must be insured)
All licensees must have ___________ coverage. - CORRECT
ANSWER-Errors and Omissions
In _________, the contract is voidable by the purchaser or
the developer until he has received ___________. - CORRECT
ANSWER-Mutual rights of cancellation, Public offering statements
In how many days must you cancel if you had an onsite
inspection? How many if you didnt? - CORRECT ANSWER-10 days, 15
days
In the Disclosure of Rescission Rights you may cancel a
contract. It must be in boldface and conspicuous type in every
QUESTIONS AND VERIFIED ANSWERS
WELL GRADED (NEW 2025/2026
UPDATE)QUESTIONS WITH VERIFIED
ANSWERS 100% CORRECT /A+ GRADE
What is a unit?` - CORRECT ANSWER-Real property improvements
in a project which is divided into timeshare program.
What is a managing agent? - CORRECT ANSWER-Person with
management duties and responsibilities and obligations of a
timeshare program
What are timeshare units? (what can be a timeshare) - CORRECT
ANSWER-Anything can be a timeshare unit unless expressly
prohibited by project instruments or local governing laws
What should be included in the Public Offering Statement? -
CORRECT ANSWER-name of county where property is located
legal description of property
ID of time periods by letter, name and number
ID of timeshare estates and how many units can be a timeshare
Common expenses and voting rights
any restrictions on use occupancy alterations or alienation of
timeshare units
, ownership interest/maintenance provisions/ replacement
____ must be provided to each purchaser of a timeshare. -
CORRECT ANSWER-Public Offering statement
When must you give a public offering statement? What is the
exception? - CORRECT ANSWER-Must be provided to each purchaser
of a timeshare . EXCEPTION: developer was registered and
POS was provided to a purchaser under Security and Exchange
act etc.
What is an escrow of deposits? - CORRECT ANSWER-When purchaser
gives deposit money it is placed in an account of an
independent escrow company and held 100% during
cancellation period. (must be insured)
All licensees must have ___________ coverage. - CORRECT
ANSWER-Errors and Omissions
In _________, the contract is voidable by the purchaser or
the developer until he has received ___________. - CORRECT
ANSWER-Mutual rights of cancellation, Public offering statements
In how many days must you cancel if you had an onsite
inspection? How many if you didnt? - CORRECT ANSWER-10 days, 15
days
In the Disclosure of Rescission Rights you may cancel a
contract. It must be in boldface and conspicuous type in every
