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Timeshare Test #1 Questions with answers (Verified Answers) 2023-2024 Latest Update, Exams of Economics

Timeshare Test #1 Questions with answers (Verified Answers) 2023-2024 Latest UpdateTimeshare Test #1 Questions with answers (Verified Answers) 2023-2024 Latest Update

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2022/2023

Available from 11/26/2023

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Download Timeshare Test #1 Questions with answers (Verified Answers) 2023-2024 Latest Update and more Exams Economics in PDF only on Docsity! Timeshare Test #1 Questions with answers (Verified Answers) 2023-2024 Latest Update 1. An owner who has a leasehold in a timeshare condominium has: A. Whole ownership B. Fee simple ownership C. Interval of time D. Cooperative - Correct Answer ✅C. Interval of time 2. A timeshare agent is a person who is A. Project Broker B. Person who sells timeshares on behalf of a developer C. Person who induces others to attend a timeshare presentation - Correct Answer ✅B. Person who sells timeshares on behalf of a developer 3. Until closing, all monies, negotiable instruments or other deposits pertaining to the sale of a timeshare must be placed in: A. An escrow agent account approved by the Division B. A trustee account approved by the Division C. Brokers personal bank account D. Brokers trust account - Correct Answer ✅A. An escrow agent account approved by the Division Which document must be reviewed and signed by the purchaser before the execution of any contract for the sale of the timeshare: E. Truth in Lending F. Public offering Statement G. Acknowledgments H. Purchase agreement - Correct Answer ✅B. Public offering Statement 4. A right to use timeshare project offers the purchaser of a timeshare interest: A. Fee simple interest B. Membership in a club C. Tenancy in common D. Joint tenancy - Correct Answer ✅B. Membership in a club 5. Developers must comply with laws from what government agency? - Correct Answer ✅Federal, City, and State 6. A state in NRS 119A.120 who is defined as a representative? - Correct Answer ✅A person who is not a sales agent but who on behalf of developer induces other persons to attend a sales presentation 7. Who or what below is not included in the definition of a "Person" as stated in NRS 119A.070? A. A government B. A purchaser 18. A project broker shall give written notice to the Real Estate Division of a change of association of any sales agent affiliated with him within: - Correct Answer ✅10 days 19. In a timeshare project who is responsible for the acts of each person whom he employs or engages to represent him? A. Developer B. Project Broker C. Both - Correct Answer ✅C. Both 20. Who is not an affiliate as defined in NRS 119A? A. Sales Agent B. General Partner 21. c. Officer 22. D. Director - Correct Answer ✅A. Sales Agent 23. To effect an exchange, an owner of a floating use period must first secure a specific week at the home resort through which of the following? A. The Real Estate Division B. The Exchange Company C. Their Sales Agent D. Their Home Resort - Correct Answer ✅D. Their Home Resort 24. Maintenance week or weeks may be used for: A. Maintenance and refurbishing B. Exchange C. Rental D. None of the above - Correct Answer ✅A. Maintenance and refurbishing 25. The term applying to each member of a group of persons owning an undivided interest in the same parcel of real estate in a timeshare unit is: - Correct Answer ✅Tenants in Common 26. Which of the following statements about licensed timeshare sales agents are true? A. Sales agent can sell timeshare interests at any place his broker designates. B. Sale agent can sell timeshare interests only where he is licensed and where his license is prominently displayed C. Both of the above. - Correct Answer ✅B. Sale agent can sell timeshare interests only where he is licensed and where his license is prominently displayed 27. The Home Owner's Association is formed primarily for the purpose of: A. Resale B. Selling timeshare interest C. Rental D. Maintenance Operation - Correct Answer ✅D. Maintenance Operation 28. Federal Reserve Boards Regulation "Z" is applicable to: A. Fee only. B. Right to Use only 29. c. Campsite Membership 30. D. All of the above - Correct Answer ✅D. All of the above 31. Which of the following statements is incorrect? A. Fictitious "contests" must not be used to solicit consumers B. A solicitation need not disclose the purpose of the solicitation. C. A solicitation must disclose the approximate duration of the sales presentation D. Solicitations must not imply they originate from a public agency - Correct Answer ✅B. A solicitation need not disclose the purpose of the solicitation. 32. Which agency in Nevada issues the Public Offering Statement? A. Attorney General's OFfice B. Security and Exchange Commission C. Secretary of State D. Real Estate Division - Correct Answer ✅D. Real Estate Division 33. Contract documents: A. Must be written in easily understandable terms 40. In Nevada a timeshare purchaser has how many days to cancel his/her purchase? A. 7 B. 10 C. 5 D. 3 - Correct Answer ✅C. 5 41. In Nevada, after receiving proper notice of cancellation, a developer must refund all monies received from a purchaser within how many days? A. 30 B. 10 C. 15 D. 20 - Correct Answer ✅D. 20 42. Under NAC 119A during promotional meeting decoys or shills (false dummy buyers) may be used to initiate sales provided they identify themselves as a decoy if asked by any other prospect attending the presentation: A. True B. False - Correct Answer ✅B. False 43. Any free gift promised as an inducement for prospective purchasers to attend a presentation may be withheld: A. If the customer does not attend the presentation B. If the customer does not purchase C. If the customer does not complete the presentation D. If the customer was misrepresented by the OPC - Correct Answer ✅A. If the customer does not attend the presentation 44. After the original salesperson meets with a prospective purchaser, excluding the podium speaker, how may additional salespersons may attempt to take over and achieve a sale? A. None B. Two C. Three D. One - Correct Answer ✅D. One 45. The Division can impose fines or revoke the license or permit of any Project Broker or Developer who does not allow or cooperate fully with the inspection of: A. Current customer files B. Customer cancellation files C. Trust account records. D. All of the above - Correct Answer ✅D. All of the above 46. If a developer or authorized sales agent obtains a waiver of right to cancel from a purchaser the contract for sale is: A. Irrevocable B. Not subject to cancellation by the purchaser C. Voidable by the purchaser. D. All of the above. - Correct Answer ✅C. Voidable by the purchaser 47. Timeshare representatives may perform which of the following? A. All the functions of a licensed timeshare agent B. Induce prospective purchasers to attend a sales presentation C. Give information about the project D. Give prices to prospects - Correct Answer ✅B. Induce prospective purchasers to attend a sales presentation 48. The courts have upheld that a sales practice is "Unfair" if it: A. Is immoral, unethical, oppressive or unscrupulous B. Informs consumers that they are entering in a legally binding obligation C. Encourages purchasers to seek legal advice D. Tells purchasers the true nature of the promotion - Correct Answer ✅Is immoral, unethical, oppressive or unscrupulous 49. The following is considered deceptive sales practice by the FTC: A. Exaggerating the nature and quality of the resort B. Making inaccurate statements about the exchange privileges C. Offering premiums that are not actually supplied D. All of the above - Correct Answer ✅D. All of the above 50. An OPC booth located away front he project broker's premises is not considered a branch office; therefore, the project broker is not responsible for the activities of the employees working that location: