Tennessee Timeshare Practice Exam with Complete Solutions 100% Verified 2024/2025 Timeshare units can be created: - Correct Answer in any unit unless prohibited by local laws Receipt of Public Offering Statement shall take place no later than: - Correct Answer Date of sale To be valid, a Public Offering Statement must be: - Correct Answer signed and dated Disclosure of Recession of Rights must appear in bold face print in the: - Correct Answer contract and public offering statement Escrow account for timeshare sale shall not be held by: - Correct Answer the developer Who is ultimately responsible for Escrow funds? - Correct Answer the broker Any person other than a developer or lender who acquires an interest in a Timeshare is called: - Correct Answer purchaser A person visits a Timeshare resort in Tennessee and signs a contract of sale. The maximum recession
period for this person is: - Correct Answer 10 days
A timeshare contract is voidable by purchaser until: - Correct Answer a 10 day recession period has passed and until they have received a public offering statement A person who solicits people to attend a timeshare presentation is: - Correct Answer an acquisition agent A person who exchanges timeshare intervals in exchange programs with other timeshare intervals is called a/an: - Correct Answer exchange agent 1 / 2
Price increase in timeshare can NOT be announced more than how many days prior to the effective date? - Correct Answer 60 days If an unlicensed person is fined by TREC, not the court, the maximum fine is ______ per offense. - Correct Answer $1,000 The purpose of the "Tennessee Real Estate Brokers License Act of 1973" is: - Correct Answer to protect the public A timeshare resort may offer a promotional gift as an inducement to tour if all the following conditions are met EXCEPT: - Correct Answer it must be approved by the Tennessee Real Estate Commission The TN Real Estate Commission has the authority to perform the following duties EXCEPT: - Correct Answer sentence a guilty licensee to a jail term There are ____ members of the TN Real Estate Commission - Correct Answer 9 The TN Real Estate Commission is declared to be: - Correct Answer a judicial body Errors and Omission Insurance is required: - Correct Answer as a condition of licensing Who appoints individuals to the TN Real Estate Commission: - Correct Answer the governor The term "person" means: - Correct Answer an individual, corporations, and partnerships A person who violates the law by selling timeshares without a license is guilty of: - Correct Answer class B misdemeanor In order for a license to be revoked or suspended by the TN Real Estate Commission it takes a vote of: - Correct Answer a majority of the commission
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