Timeshare T est 1 Questions with Complete Solutions 2024/2025 The sale of timeshare interests in the State of Nevada is regulated under the provisions of... - Correct Answer NRS 119 A The Law that regulates real estate in Nevada is? - Correct Answer NRS 645 Who supervises the Administrator of the Real Estate Division? - Correct Answer The Director of the Department of Buisness Who appoints the Director of the Department of Business and Industry? - Correct Answer The Governor Who selects and appoints the Project Broker - Correct Answer Developer What are the following are reasons for the real estate division to deny a Sales Agent's License application?(except) Reckless Driving conviction - Correct Answer Behind on Child Support Payments Crimes of moral turpitude Previously revoked insurance sales license If a timeshare licensed on June 6, 2000 when will the license expire? - Correct Answer June 30, 2002 What is a fractional ownership? - Correct Answer Ownership of an interval of 1 month to the one-half year The Value of an individual timeshare usually? - Correct Answer Decreases in value; therefore, buyers should not be encouraged to purchase as an investment opportunity.The purest form of ownership is? - Correct Answer Fee Deed and title The leaseholder is an example of? - Correct Answer Un-deeded ownership 1 / 2
Right to Use A member of a Club Which of the following reasons would be cause for the Real Estate Division to deny an application for timeshare sales license? - Correct Answer Criminal record Driving Record Child support issues Crimes of moral turpitude (fraudulent activities) Previous license was revoked You have just completed making a timeshare sale. Your buyers go back to their hotel, and after dinner and a few cocktails, they have second thoughts about the purchase. Can they change their minds and get out of the deal? - Correct Answer Yes, they have to right to revoke for any reason for 5 calendar days Nevada law REQUIRES all timeshare sales agents to do all the following ... (expect) Take 14 hours of continuing education every 2 years - Correct Answer Affiliate with a project broker who is licensed under
NRS 645
Work for only one project broker at a time Keep current in child support payments Ted and Alice Smith have arrived at their timeshare resort and produce the confirmed reservation for a unit. They are informed that the unit is NOT available. Ted goes through the roof, but Alice knows that they are entitled to all the following... - Correct Answer A comparable unit Monetary compensation for the loss of the use of the unit A substitute unit of a better grade in the absence of a comparable unit After the original salesperson meets with a prospective purchaser, excluding the podium speaker, how many additional salespersons may attempt to take over and achieve a sale? - Correct Answer ONE
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