Nevada Timeshare Exam 2025 with verified answers, Exams of Sales Management

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Nevada Timeshare Exam 2025 with

verified answers

According to Nevada law, a time share is - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. a vacation home B. the right to use and occupy a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners whether or not there is an additional charge to the owener for occupying the unit C. a vacation condominium D. a security or investment contract correct answer B Time Share types often include - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Deed ownership B. Lease rights C. Memberships in a club D. All of the above correct answer: D A floating week interval include - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Owns a specific number of weeks each year B. Owns the same unit for the same, specific week each year C. Owns points that can be used towards days at a resort, rental car or cruise D. Has the right to use the club and all of its amenities

correct answer: A Participants in exchange programs - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Cannot exchange or swap privileges with other TimeShare owners B. Are always free to establish a relationship with an exchange company of their choosing C. May be required to use the program included with the purchase of their Time Share D. Are never charged an additional fee correct answer: C A developer has a four-flex that he has turned into Time Shares. Does he need to register with the Division? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. No, because it is in a separate building. B. Yes, all Time Shares must be registered C. No, because it is fewer than 12 in a project D. Yes, because they will create a homeowners association correct answer: C Developer Flinn has built a time share development in Park City, Utah. Flinn will be including the marketing of this development with his Nevada developments, in a sales offering in Carson City, NV. Does Flint need to hire a Project Broker and register with the Nevada Real Estate Division? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. No, because the development is in Utah. B. Yes, because it is being advertised/market in Nevada correct answer B

An exchange program - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Is created to enable a Time Share owner to exchange their occupancy with another Time Share owner B. Enables a Time Share owner the ability to recoup some of their annual expenses and/or use someone else's Time Share at the same facility C. Must provide the purchaser of a Time Share with certain statements D. All of the above correct answer D Nevada law requires a developer who operates an exchange program to provide the purchaser with the - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Names of the officers, directors and shareholders owning at least 5% of the outstanding stock of the company B. A statement indicating whether the purchasers' participation in the program is dependent upon the continued inclusion of the Time Share plan in the program C. A statement indicating whether the purchaser's membership or participation in the program is voluntary or mandatory D. All of the above correct answer D To make sure that any purchaser knows the criteria for arranging, receiving and depositing Time Share rights, the developer's disclosure must - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Also provide the purchaser with a statement indicating whether exchanges are arranged on the basis of available space B. Guarantee specific requests for exchanges C. Verify that the purchaser will never lose the right to use and occupy a unit in a properly applied for exchange D. Always offer compensation if substitute accommodations are needed

correct answer A If a time share owner wants to change a floating week of his/her time share week to another resort for a fixed week, do you - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Enroll first in your home resort and then into the exchange program B. Go directly into the exchange program C. Contact the Unit-Owners Association correct answer A An exchange program enables - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Owners of Time Shares the ability to exchange or swap privileges for a fee B. Project Brokers to be able to change offices C. Mangers of the Homeowner's Association to elect officers D. Owners of Time Shares the ability to exchange or swap privileges without a fee correct answer A The Broker in charge of a Time Share Sales office is called a - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Project Broker B. Time Share Sales Agent Broker correct answer A A Project Broker is responsible for managing, educating, and monitoring salespeople, Time Share Sales Agents, representatives, and employees - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False

correct answer B The developer enters in the brokerage agreement with a client - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer B Being behind on child support payments is - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Bad, but will not prevent someone from obtain a sales agent license B. Grounds for denying both a sales agent and broker's license C. Grounds for denying a broker's license but not a sale agent's license D. None of the above correct answer B Before a Project Broker may accept the position, he must - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Make a personal inspection of the project for which he is to be responsible B. Be appointed by the developer C. Hold either a broker, broker-salesperson or salesperson license D. Both A and B correct answer D A Time Share Representative - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Must register annually with the Nevada Real Estate Division B. May not hand out advertising

C. Is not responsible to the Broker and Developer D. Is allowed to sell time shares correct answer A Brokers, broker-salespeople, real estate salespeople and Time Share Sales Agents can sell time shares - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer A Time Share Sales Agents may accept commissons and referral fees from the project developer or the project broker - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer B Sally, a Time Share Sales Agent, has been handing out literature at the MGM casino in addition to working at a sales presentations. She likes that job, and would like to become a Representative instead of a Sales Agent. Can Sally become a representative without first de-activating her license and registering with the Division as a representative? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Yes B. No correct answer B How many hours of continuing education must a sales agent complete before the Time Share Sales Agent renews his/her license at the end of two years? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. 12 hours

B. 3 hours C. 6 hours D. There is no continuing education requirement correct answer C Jimmy Smits applied for a Time Share Sales Agent license in Nevada and was denied. What could NOT have been the reason? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. His application was filed in the proper form B. His check bounced C. The proper fees were not enclosed D. He had been convicted of a misdemeanor involving moral turpitude correct answer A A Time Share Sales Agent needs to pass a 50 question exam with the state

• .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer A Time Share Sales Agent Lee has exceeded his monthly quota and will not earn a bonus on all future transactions for the month. He will also be earning a "kickback" for selling the clients upgraded fans. Does Lee need to notify his clients of either the bonus or kickback? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Yes, only the bonus; because he will be earning an additional commission B. No, it isn't relevant to the transaction C. Yes, only the kickback....because he must disclose any 'sources' of income

D. Yes, both the commission bonus and the kickback must be disclosed to the clients Correct answer C All of the following can sell time shares resales EXCEPT - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. A registered Time Share Sales Agent B. A registered Project Broker C. A registered Broker-Salesperson D. A registered Salesperson (licensed under NRA 645) correct answer A Who runs the day to day operations at a Time Share Project? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. A Project Broker B. A Manager C. A Developer D. A Representative E. A Unit Owners Association Correct answer B If the Project Broker or Time Share Resale Broker cannot directly supervise a branch office, can a Project Broker ALONE oversee the branch offices?

• .... 🔰 VERIFIED ANSWERS.... ✔✔ A. No B. Yes Correct answer A

Who works directly under a Developer? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. A Project Broker B. Sales Agent C. A Manager D. Representatives E. All of the answers are true correct answer E A Time Share Sales Agent MUST Disclose - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. All sources of income B. All commission amounts C. All bonus amounts D. Any draws correct answer A According to Nevada law NRS 119A.140, what is a time Share? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. The right to use and occupy a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners whether or not there is additional charge to the owner for occupying the unit B. A real property interest in a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners C. A personal property interest in a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners D. None of the above correct answer A

Renewing a Time Share Sales License - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Requires proof of 6 hours of continuing education B. Is necessary on or before the last day of the month at the end of 2 years C. Requires proof of 12 hours of continuing eduction D. Both A and B are correct correct answer D A Time Share Sales Agent works - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. For a developer B. Under the supervision of a Project Broker C. As either an employee or independent contractor D. All of the above correct answer D A Time Share Representative - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Also sells time shares B. May not hand out advertising C. May induce or solicit buyers to attend meetings D. Registers every 2 years correct answer C The head of the Nevada Real Estate Division is called the - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Commission B. Hearing Officer C. Advisory Committee D. Administrator

correct answer D The Nevada Real Estate Division - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Is a state agency B. Prepares and distributes disclosure forms, informational bulletins, and newsletters C. Processes licenses D. All of the above correct answer D The Division Administrator approves the 'public offering statement' - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer A The Division Administrator cannot be a licensee - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer A The Nevada Real Estate Division - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Cannot investigate complaints B. Is legally represented by the attorney general's office C. Cannot require a developer to stop working D. Does not write any law

correct answer B The Nevada Real Estate Division will not issue a Time Share Agent license

• .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer B Who is the Time Share Sales Agent and Project Broker's CEO? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. The CEO of the Nevada Real Estate Commission (The Administrator) B. The CEO of the Nevada Real Estate Division (The Administrator) correct answer B A contract - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Is an agreement between parties to do or not to do certain things B. Is a promise or set of promises to perform or not to perform certain tasks C. Can be oral or written D. All of the above correct answer D Jason James is selling a piece of land with verbal contract. Buyer Kit Carson has changed his mind and is taking Mr. James to court to cancel the contract. Per the Statue of Frauds, what will happen? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Nothing, the contract is enforceable B. The contract is unenforceable C. There is not enough information to answer the question

D. The judge will make the decision correct answer B Seller Rudolf is buying a time share at 121 Gibson Lane in Pahrump. Performance of the purchase agreement is contingent upon certain events happening by specific dates. What is this called? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Time is critical B. Cancellation contingency C. Time is of the essence D. Statues of Frauds correct answer C Brittany Boop is trying to purchase a resale Time Share. Two weeks ago, her broker drafted an offer for Brittany. It has since expired. Maybe the seller hasn't had the opportunity to fully consider the offer, because he is at his cabin 2 hours from town. Brittany's broker thinks his right to accept the offer was lost through undue delay. This is called: - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. An unenforceable contract B. Doctrine of Laches C. Parol Evidence Rule D. Statue of Frauds correct answer B Owen White is a 98 year old man, who has been in a mental hospital for the past 20 years. Years ago, a judge ordered Owen's son, Luke to be in charge of Owen's financial affairs through a power of attorney. Owen has signed an offer to purchase a Time Share at Lake Tahoe. It is - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Void

B. Voidable C. Vaild correct answer A Caty Ann Green is purchasing a Time Share in Floida at a sales meeting while in Las Vegas. She has contacted her bank in an attempt to secure funds for the purchase. What type of contract is it? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Executed B. Executory C. Unilateral D. Novation correct answer B Sales agent Bust has sole convinced Buyer French to purchase a time share in Reno. Bust is - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. The Procuring Cause of the Sale B. An exclusive agent C. A buyer's agent D. A seller's agent correct answer A Buyer Miranda Watt has made an offer to purchase a piece of land in Henderson and it was accepted by the seller. She has - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Legal Title B. Equitable Title C. A contingency D. An open buyer agency agreement

correct answer B A Nevada Real Estate Licensee must - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Deal fairly with all parties B. Keep informed of current statutes and regulations governing real estate, time shares and related fields C. Advertise only the price and terms agreed upon D. All of the above correct answer D Broker Rock has authored sales agent Calli to sign her Time Share contracts. Is this legal? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Yes B. No correct answer A Buyer Kandy purchased a Time Share on October 31. On November 3rd he called his sales agent and notified him that he is canceling his contract. On November 6th he still had not seen a refund of his payments made for the time share. What did Kandy do wrong? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. The request for cancellation must be in writing, and properly delivered within 5 days B. Nothing, the developer has 20 days after receipt of the notice of cancellation to return the payments C. The request for cancellation must be made to the broker, not the sales agent D. The right of cancellation was probably waived by Kandy correct answer A

A Project Broker shall keep complete Time Share transaction paperwork

• .... 🔰 VERIFIED ANSWERS.... ✔✔ A. For at least 5 years after the date of the closing or the last activity involving the property, including; without limitation, offers that were not accepted and transactions that were not completed, unless otherwise directed by the division B. For at least 7 years after the date of the closing or the last activity C. For at least 3 years D. For at least 2 years after closing or last activity correct answer C A Time Share Sales Agent must provide any paperwork to the broker within whom he is associated - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Promptly B. Within 7 calendar days after the paperwork is executed by all the parties C. Within 10 calendar days after the paperwork is executed by all of the parties D. Within 20 calendar days after the paperwork is executed by all of the parties correct answer A Sixteen year old Amanda comes from a wealthy family and is very intelligent beyond her years. Yesterday Amanda purchased a time share. Not inclusive of other possible options, because of her age, this contract is - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Void B. Unenforceable C. Voidable at the option of the time share Project Broker D. Voidable at the option of Amanda correct answer D

Sixteen year old Amanda wants to close on the time share that she purchased, and her state law permits it, - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Great. The contract is valid. B. Too bad. The contract is unenforceable C. Unfortunately the contract is unenforceable D. Amanda must have the signature permission of her parents to continue correct answer A Recalling the 'Statue of Frauds', the Project Developer's best friend Jerry has a verbal contract to purchase a deeded time share. Jerry has changed his mind. The Project Developer has filed a small claims action with the courts. Because it is real property, - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. This contract is unenforceable in a court of law B. This contract is void because it is verbal C. This contract is illegal D. This is not a contact correct answer A Mr. Penguin sometimes gets confused and forgets where he is. He has been in front of the judge, and the judge has documented his memory lapses and is keeping an eye on him, but the judge still feels Mr. Penguin can make important decisions on his own. Mr. Penguin has made an offer on a Time Share. Is the contract - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Void B. Voidable C. Unenforceable D. None of the above correct answer B

Time Shares Sales Agent A.G. Edward told a buyer that the Time Share unit that they were purchasing was a 4 bedroom, when he knew it was a 2 bedroom unit. He figures that they will forget what he told them by the time they use the property. Is the contract voidable? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Yes, because Edward committed fraud. B. No, because Edward was only puffing C. Yes, because Edward misrepresented D. No, because Edward is a short-timer and won't be around when the buyer uses the Time Share anyway correct answer A A public offering statement - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Is a disclosure document initially prepared by the developer B. Is approved by the Admin of the Nevada Real Estate Division C. Must be provided to each prospective purchaser D. All of the above correct answer D The project broker is responsible for obtaining - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. From each seller a receipt for a copy of the public offering statement B. From each buyer, a copy of the public offering statement C. From each sales agent, a copy of the public offering statement D. From each buyer, a receipt for a copy of the public offering statement signed by the purchaser and selling agent correct answer D

The public offering statement has a cover sheet that includes a statement in

• .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Yellow B. White C. Red D. Highlights correct answer C The purchaser must be allowed time to - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Discuss documents with their spouse B. Consult an attorney C. Both A and B D. None of the above correct answer C Receipts for Public Offering Statements must be kept by the project broker for at least - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. 5 years B. 3 years C. 10 years D. Forever correct answer B The project broker or sales agent must review the public offering statement with each prospective purchaser - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. before the execution of any contract for the sale of a Time Share and obtain a receipt signed by the purchaser for a copy of the public offering statement B. before the closing of any sale of a Time Share and obtain a receipt signed by the purchaser for a copy of the public offering statement

correct answer A At a sale presentation in Nevada, Sales Agent David's clients are purchasing a time share that is located in Tahiti. Which Nevada disclosure form must David's clients sign first? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Because the time share is located in Tahiti, David's clients don't need to sign any Nevada disclosures B. A Consent to Act Form C. A Public Offering Statement D. A Duties Owed by a Nevada Real Estate Licensee Form correct answer D Mitchell is a Real Estate Licensee (Salesperson), who is licensed under NRS 645 and works for a Real Estate Brokerage is selling time shares in Reno, Nevada. Mitchell gets paid by his Broker - and his Broker has contracted with a Time Share Project for a commission. Does Mitchell need to explain and obtain client signatures on a Nevada disclosure form, indicating multiple representation (A Consent to Act Form), when he sells a time share? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Yes, because he is representing both the buyer and the seller in the transaction B. No, because only his broker is representing the seller in the transaction C. Yes, because the paperwork is signed in Nevada D. No, because he is licensed as a Real Estate Salesperson and not a Time Share Sales Agent correct answer A The form that must be used by a Sales Agent in every real estate transaction in Nevada is called - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. A Consent to Act Form

B. A Duties Owed by a Nevada Real Estate Licensee form C. A Multiple Representation Form D. None of the answers are true correct answer B A Consent to Act form - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Outlines for the client the consequences of the licensee's multiple representation B. Requires the client's written authorization before the licensee may proceed with representation C. Must be used when a Sales Agent is representing both the buyer and seller in a transaction D. All the answers are true correct answer D As stated in both the 'Duties Owed" Disclosure Form and 'Consent to Act' Disclosure Form, personal information about the transaction and client must be kept confidential - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. For 1 year after terminating the brokerage agreement B. For 1 year after revoking the brokerage agreement C. Unless an order by a court requests the information D. All the answers are true correct answer D Agency is a business or service authorized to act for others. Agency may be classified as - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Unconscious, involuntary behavior B. Purposeful, goal directed behavior

C. An unintentional or intentional action D. All the answers are true correct answer D A trust account is used by someone entrusted with holding money for someone else - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer A Commingling (more than $100 personal funds) is always allowed with regards to trust accounts - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer B The Nevada Real Estate Division must be informed of - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. The location of all trust accounts, including the name and location of the financial institution and the account number B. Any movement of a trust account C. Both A and B correct answer C Brokers are not required to open a trust account, but are personally responsible and liable for it, if opened - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False

correct answer A Trust accounts - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Contain personal, business, and trust funds B. Contain personal and business funds C. Contain trust funds D. None of the above correct answer C The resignation or proposed resignation of the trustee or any change in the trust agreement is a material change and required notification to the Division within ___ days - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. 10 B. 30 correct answer A A project broker must keep records of every transaction clearly indicating deposits, disbursements, dates, names of purchasers and salesman or sales agents, records and other pertinent information, numbered consecutively or indexed to permit audit by the Division - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True B. False correct answer A Records of trust account must be kept according to statue, kept in Nevada, open to state's inspection and audit during business hours - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. True

B. False correct answer A Buyer Mandy is purchasing a Time Share individually. She will take ownership - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. As a joint tenant B. As a tenant in common C. In severalty D. There is not enough information correct answer C Buyer Strong is a co-owner with 3 other siblings. He owns 50% of the property. How will they probably take ownership? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Joint Tenancy B. Severalty C. Tenancy by the Entireties D. Tenants in Common correct answer D Buyer Bellbottom's corporation will be purchasing a Time Share. The corporate taxes do not come from his individual tax return. It is a legal entity that is taxed separately. What kind of cooperation is it? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. C Corporation B. S Corporation C. X Corporation D. T Corporation

correct answer A Examples of a fixture are - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Ceiling fans B. Dishwashers C. Clothes rods D. All of the above correct answer D Condominium laws are called - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Horizontal property acts B. Vertical property acts C. Diagonal property acts D. None of the above correct answer A ABC Corporation (owns 60%) and the CEO of ABC Corporation (owns 40%) want to purchase property jointly. How might ABC Corporation and the CEO take ownership? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Tenancy by the Entireties B. Joint Tenants C. Severalty D. Tenants in Common correct answer D Kraft Corporation bough a time share. How many owners of the time share are there? - .... 🔰 VERIFIED ANSWERS.... ✔✔ A. Many