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A series of multiple-choice questions and answers related to the timeshare industry in nevada, focusing on key aspects of the nevada revised statutes (nrs) 119a. It covers topics such as timeshare ownership, contracts, agency relationships, licensing requirements, and regulations for timeshare salespersons and developers. A valuable resource for understanding the legal framework and practical considerations surrounding timeshare transactions in nevada.
Typology: Exams
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The Nevada Revised Statute that deals with the timeshare industry in Nevada is titled: A. 1551 B. 119A C. 119B D. 645 B. 119A Timeshare right to use is considered: A. A contractual agreement B. Deed and title C. An open arrangement D. None of the above A. A contractual agreement Timeshare is: A. A great investment B. A way to freeze vacation costs C. Easily financed D. A good tax deduction B. A way to freeze vacation costs Fractional ownership of a timeshare is: A. From one day to 29 days B. A series of 21 day stays C. Weekends only D. One month to half of a year D. One month to half of a year An arrangement to do, not to do certain things is called: A. Declaration
B. Contract C. Affidavit D. Testament B. Contract All are necessary to the creation of an agency relationship except: A. Consideration B. Agreement of both parties C. Principal with capacity D. Mutuality B. Agreement of both parties Which of the following is not a necessary element in the information of a contract? A. Consideration. B. Acceptance C. Performance D. Offer C. Performance Financing for an individual timeshare is done by the: A. Developer B. Local banks C. Visa/MasterCard D. The Financial Timeshare Corporation A. Developer The value of an individual timeshare unit usually: A. Goes up in value B. Goes down in value C. Stays about the same D. Varies from state to state B. Goes down in value Consideration in connection with a contract may be which of the following: A. Doing what a person is not legally required to do B. A promise not to do what a person is legally entitled to do
C. A payment of money D. All of the above C. A payment of money A void contract is one that is: A. Not in writing B. Amortized C. Rescindable by agreement D. Not enforceable by the law D. Not enforceable by the law A voidable contract is A. Unenforceable B. Not valid C. Valid until action is taken to make it void D. None of the above C. Valid until action is taken to make it void The majority of timeshare owners are: A. Fee deed and title B. Contract of sale C. Right to use D. None of the above A. Fee deed and title The great percentage of timeshare exchanges were purported to be: A. Rescinded B. Successful c. Un-successful D. In the Caribbean B.Succesful The law that requires certain contracts to be in writing to be enforceable is called the: A. Written instrument law B. Parole Evidence Law C. Statute of Limitations D. Statute of Frauds
D. Statute of Frauds An Agency coupled with an interest is one: A. Where the salesperson makes a secret profit at the expense of his principal. B. That cannot be terminated before the expiration date C. Where the sales person received an interest bearing note in payment of his commission D. Where a suit is filed for commission which constitutes a lien on the timeshares. A. Where the salesperson makes a secret profit at the expense of his principal. An agent warrants: A. His authority to act on his client's behalf B. His client's capacity to perform C. Both of the above D. None of the above A. His authority to act on his client's behalf A salesman may lose his license for commingling. Which of the following would not be considered commingling? A. Depositing a buyer's earnest money check in the developer's account. B. Cashing a buyer's earnest money check in the developer's account C. Holding an uncashed deposit check at the direction of the buyer. D. None of the above C. Holding an uncashed deposit check at the direction of the buyer. In regard to buying timeshare you could probably get the best deal: A. When the resort is brand new B. When the resort is almost sold out c. When a resort is not doing well d. If you deal with an owner rather than a developer d. If you deal with a developer The Real Estate Division is directed by the: a. The Governor b. The Commissioner c. The Administrator d. The Director of Business and Industry c. The Administrator
Moral turpitude would not include: a. Immoral acts b. Fraudulent acts c. Accounting procedures d. Misrepresentation b. Fraudulent acts The Real Estate Division is considered a(n)? a. Administrative unit b. Policing Agency c. Political Entity d. None of the above a. Administrative unit Continuing Education requirements to maintain timeshare licensing must be completed every: a. 12 months b. 24 months c. 36 months d. 48 months b. 24 months The renewal licensing fee for timeshare sales people is: a. $10. b. $20. c. $85. d. $200. d. $200. The amount of credit hours need for conintuing education are: a. 6 b. 12 c. 18 d. 24 a. 6 The fee for a timeshare salesperson to change developers is:
a. $10. b. $15. c. $20. d. $25. a. $10. The Administrator will name a hearing officer from: a. The Department of Business and Industry b. The Real Estate Division c. The Real Estate Commission d. The Real Estate Compliance Unit a. The Department of Business and Industry Failure to, within a reasonable time, account for or turn over to the project broker monies that come into the possession of a salesperson is a violation of a salesperson's: a. Fidelity Responsibility b. Fiduciary Responsibility c. Subjective Responsibility d. Confidentiality Responsibility b. Fiduciary Responsibility The developer must pay a fee for every uint that is: a. Sold b. Registered c. Removed d. Refurbished a. Sold Timeshare advertisements carry the following approved designation from the Real Estate Division: a. NAB number b. RED number c. NRS number d. None of the above d. None of the above All prospective timeshare purchasers must be provided with a:
a. Public Offering Statement b. Public Approved Statement c. None of the above d. Both a & b a. Public Offering Statement The purchaser of a timeshare may cancel by written notice a contract of sale until: a. Midnight of the third calendar day b. Midnight of the fifth calendar day c. Midnight of the seventh calendar day d. Midnight of the tenth calendar day b. Midnight of the fifth calendar day How much time does the developer hav etc refund any deposit of a cancelled timeshare contract? a. 5 days b. 10 days c. 15 days d. 20 days d. 20 days Escrow may not be closed until the developer has provided satisfactory evidence to the Administrator that the project is free and clear of any: a. Blanket Mortgages b. Financial Encumbrances c. Outstanding Construction Liens d. None of the above a. Blanket Mortgages OPC is an acronym for a. Off Premises Contact b. Of Premium Consideration c. Offered Proof of Contact d. One Point (of) Contact a. Off Premises Contact Aside from the speaker conducting a podium presentation, after the salesperson initially meets the prospective buyer, the developer or project broker may allow how many additional salespersons to attempt the sale?
a. 1 b. 2 c. 3 d. More than 3 a. 1 Who is responsible for offering legal options on Laws and Regulations ofNRS 119A to the division? a. The Division b. The Administrator c. The Attorney General d. The Real Estate Commission c. The Attorney General Who is responsible for investigating transaction files and trust records of brokers and owner developers? a. The Division b. The Administrator c. The Attorney General d. The Real Estate Commission a. The Division Who supervises the Administrator of the Real Estate Division? a. The Governor b. The Real Estate Commissions c. The Director of the Department of Business and Industry d. The voting public since the Administrator is an elected individual c. The Director of the Department of Business and Industry License fees are deposited in: a. The Education Research and Recovery Fund b. Real Estate License Fund c. Real Estate Division Treasury d. The State General Fund d. The State General Fund
Is it legal for a salesman to pay a referral fee to another salesman? a. Yes, if they are both associated with the same broker or owner developer b. Yes, as long as both are licensed c. No, all compensation must go through the broker or owner-developer d. No, because it would not be part of the commission sharing agreement c. No, all compensation must go through the broker or owner-developer Developers must: a. Not establish exchange programs for timeshare owners b. Disclose fully the nature of any exchange programs c. Not charge for an exchange program as it must be part of the purchase price of subsequent assessments. d. Not make any claims as to past exchange programs and their performance. b. Disclose fully the nature of any exchange programs How long is an owner-developer's registration valid? a. 1 year b. 2 years c. 3 years d. 5 years a. 1 year How long is a timeshare license valid? a. 1 year b. 2 years c. 3 years d. 4 years b. 2 years How often is the owner's developer's examination given? a. Bi-monthly b. Monthly c. By Appointment d. There is no owner-developer exam d. There is no owner-developer exam
An applicant for an original timeshare license must have completed: a. A 14 hour Timeshare Pre-Licensing Course b. 45 classroom hours of Nevada Law c. 64 semester units of college d. A 90 hour course covering Principles, practices, Procedures, Laws and Ethics a. A 14 hour Timeshare Pre-Licensing Course If the Division errs in the issuance of a license they: a. May invalidate the license only after a hearing before the Commission b. May not invalidate the license without a full investigation c. May investigate the license but the licensee is entitled to a hearing d. May invalidate the license after 20 days notice to the licensee d. May invalidate the license after 20 days notice to the licensee If initially denied a license who may the applicant appeal to? a. The Commission b. The Administrator c. The Division d. The Director of the Department of Business and Industry b. The Administrator Who pays the cost of an investigation of a developer? a. The Commission b. The Division c. The Applicant d. The purchaser of timeshare units a. The Commission If denied a second time who may the applicant appeal to? a. The Commission b. The Administrator c. The Division d. The Director of the Department of Business and Industry a. The Commission