Tennessee Timeshare License Exam Questions with Complete Solutions What is an acquisition agent? - Correct Answer People who solicit others to attend a presentation When does your license expire? - Correct Answer 2 years from the date of issuance What are the powers of the commission? - Correct Answer The can fine you, suspend your license, or refer you to court.If your license is expired, how can you get reinstated? - Correct Answer Retake the test What is an escrow account? - Correct Answer Deposit for purchase into a bank account Who is the developer and can they be refused a license? - Correct Answer The person or entity which is in the business of creating or selling any timeshare program What is the project? - Correct Answer The developement What is an exchange agent? - Correct Answer RCI What can be a timeshare? - Correct Answer Anything unless it is prohibited by other documents What is a project instrument? - Correct Answer All documents associated with the timeshare If the property is not a timeshare, what is it? - Correct Answer A rental or whole ownership When do we present the public offering statement? - Correct Answer The first thing in the closing, it must contain the rescission statement in it.What is the rescission/cancellation period in TN? - Correct Answer 10 or 15 days 1 / 2
How long does one have to submit a complaint if they feel they have been discriminated against? - Correct Answer 180 days How long do you have to spend as an affiliate broker before you can apply for a broker license? - Correct Answer Three Years What is errors and ommision insurance? Who has to have it? - Correct 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? - Correct Answer 6 months Who is responsible to renew your license? - Correct Answer I am What does not have to be in the Truth and Lending Statement? - Correct Answer Property Value In advertising, what does misleading mean? - Correct Answer Any statement action or laim which is untrue What can you do if a guest does not have their gifts after 72 hours?? - Correct Answer Give them the gifts or the cash equivalent What can be guaranteed to a purchaser? - Correct Answer Anything in writing What are multiple owners called? - Correct Answer Tenants in common When may TREC request access to your office records? - Correct Answer Anytime during business hours What is the purpose of TREC? - Correct Answer To protect the public
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