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

Download Timeshare Test #1 Questions with answers (Verified Answers) 2023-2024 Latest Update and more Exams Econometrics and Mathematical 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 P a g e 1 | 12 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 C. A government agency D. A political subdivision of a government - Correct Answer ✅B. A purchaser 8. As stated in NRS 119A.370 a timeshare must not be offered for sale in this state until the advertisement or offering is approved by the division A. True. P a g e 2 | 12 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 P a g e 5 | 12 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 P a g e 6 | 12 33.Contract documents: A. Must be written in easily understandable terms B. Must be consistent with information provided in solicitations C. Must be available for consumers to review at the Time of sale before signing D. All of the above - Correct Answer ✅D. All of the above 34.Rescission rights provided to consumers: A. Must be disclosed in the contract B. May be waived C. Have no time limits D. None of the above - Correct Answer ✅A. Must be disclosed in the contract 35.In Nevada who may sell a developer's timeshare interest? A. OPC Representative B. Real Estate Salesman/Broker and Timeshare Sales Agent C. Out of state broker D. All of the above - Correct Answer ✅B. Real Estate Salesman/Broker and Timeshare Sales Agent 36.Which of the following sales techniques and tactics must conform to the standards as outline in NAC 119.365 A. Each oral statement made to a prospective purchaser at a promotional meeting must be consistent with written advertising or other material filed with and approved by the Real Estate Division B. Excessively loud music must not be play during a promotional meeting P a g e 7 | 12 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: P a g e 10 | 12 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: A. True B. False - Correct Answer ✅B. False 51.Each project broker need not keep in their files which copies of signed documents that pertain to the sale: A. Public Offering Statment B. OPC invitation C. Contract (Purchaser Agreement) D. None of the above - Correct Answer ✅B. OPC invitation 52.A Broker-Salesman, Sales Agent or Real Estate Salesman shall not associate with or accept commission from any person other than: P a g e 11 | 12 A. Another Developer B. Century 21 Broker C. Project Broker D. None of the above - Correct Answer ✅C. Project Broker 53.Timeshare sales agents do not have to demonstrate professional conduct to protect the public against: A. Fraud B. Misrepresentation 54.c. A prospects credit worthiness 55.D. Unethical practices - Correct Answer ✅c. A prospects credit worthiness P a g e 12 | 12