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Tennessee Timeshare License Exam 2025: Questions and Answers, Exams of Real Estate Management

Tennessee State University (TSU)Real Estate Management

A comprehensive set of questions and answers for the tennessee timeshare license exam in 2025. It covers key topics such as acquisition agents, license renewal, escrow accounts, timeshare definitions, public offering statements, rescission periods, advertising regulations, and ethical considerations. A valuable resource for individuals preparing for the exam, offering insights into the legal and regulatory framework surrounding timeshare sales in tennessee.

Typology: Exams

2024/2025

Available from 01/11/2025

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Tennessee Timeshare License Exam 2025 |100% solved
| Questions and Correct Answers (Verified Answers) |
A Grade
What is an acquisition agent? - ✔✔People who solicit others to attend a presentation
When does your license expire? - ✔✔2 years from the date of issuance
What are the powers of the commission? - ✔✔The can fine you, suspend your license, or refer
you to court.
If your license is expired, how can you get reinstated? - ✔✔Retake the test
What is an escrow account? - ✔✔Deposit for purchase into a bank account
Who is the developer and can they be refused a license? - ✔✔The person or entity which is in
the business of creating or selling any timeshare program
What is the project? - ✔✔The developement
What is an exchange agent? - ✔✔RCI
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Download Tennessee Timeshare License Exam 2025: Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!

Tennessee Timeshare License Exam 2025 |100% solved

| Questions and Correct Answers (Verified Answers) |

A Grade

What is an acquisition agent? - ✔✔People who solicit others to attend a presentation When does your license expire? - ✔✔ 2 years from the date of issuance What are the powers of the commission? - ✔✔The can fine you, suspend your license, or refer you to court. If your license is expired, how can you get reinstated? - ✔✔Retake the test What is an escrow account? - ✔✔Deposit for purchase into a bank account Who is the developer and can they be refused a license? - ✔✔The person or entity which is in the business of creating or selling any timeshare program What is the project? - ✔✔The developement What is an exchange agent? - ✔✔RCI

What can be a timeshare? - ✔✔Anything unless it is prohibited by other documents What is a project instrument? - ✔✔All documents associated with the timeshare If the property is not a timeshare, what is it? - ✔✔A rental or whole ownership When do we present the public offering statement? - ✔✔The first thing in the closing, it must contain the rescission statement in it. What is the rescission/cancellation period in TN? - ✔✔ 10 or 15 days How long does one have to submit a complaint if they feel they have been discriminated against? - ✔✔180 days How long do you have to spend as an affiliate broker before you can apply for a broker license?

  • ✔✔Three Years What is errors and ommision insurance? Who has to have it? - ✔✔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? - ✔✔ 6 months

What is an example of a voidable contract? - ✔✔It lacks enforceability Who is responsible for misleading advertising? - ✔✔The person who placed the ad and the principal broker What would keep a developer from obtaining a license? - ✔✔Bankruptcy or moral issues If your boss tells you to sell to women only, and you comply, what are you guilty of? - ✔✔A variety of discriminatory actions When is a public offering statement not required? - ✔✔During resale Before a timeshare is a timeshare, what is it? - ✔✔A project Can you indicated that a prospective tour has won a prize? - ✔✔NO Can you misstate the value of a gift? - ✔✔NO What must be stated in a Truth of Lending? - ✔✔Disclosure of everything related to a loan What must be there for a contract to be valid? - ✔✔- Offer and acceptance

  • value consideration
  • competent parties
  • legal purpose
  • reality of consent (not on drugs or undue unfluence) What is the original license fee? - ✔✔$
  • 100 for license
  • 30 for education and recovery fee What is the renewal license fee? - ✔✔$ What are the Pre-Requisites of licensing? - ✔✔-Honesty
  • 60 hours of real estate edu
  • 18 y/o
  • must apply for license within 6 months of passing exam
  • must not be on probation Who makes up the Tennessee Real Estate Commission? - ✔✔ 9 members
  • 3 from each grand division of state
  • 7 real estate agents
  • 2 from general public
  • Commissioners of Real Estate Commission (5 years)
  • Commissioner of TN Human Rights (6 years) What is a Timeshare Estate? - ✔✔An estate in real property - character of real estate is fee simple What is a purchaser? - ✔✔Anyone who buys a timeshare What is a sales agent? - ✔✔The person who sells timeshares What is a unit? - ✔✔Real property improvements in a project which is divided into timeshare intervals What are timeshare units? - ✔✔They can be created in any unit unless expressly prohibited by project instruments or local governing laws What must the Public offering statement include? - ✔✔-name of county
  • legal description
  • id of time periods
  • id of timeshare estates and how much
  • common expenses any restrictions on use, occupancy, alterations, or alienation of timeshare unit