TN Timeshare Exam Practice Questions with 100% Correct Answers (Latest Update 2023-2024) 1, Exams of Banking Law and Practice

Download TN Timeshare Exam Practice Questions with 100% Correct Answers (Latest Update 2023-2024) 1 and more Exams Banking Law and Practice in PDF only on Docsity! TN Timeshare Exam Practice Questions with 100% Correct Answers (Latest Update 2023-2024) 103 Questions 1. What is the Tennessee Real Estate Commission? - Correct Answer ✅Judicial body of real estate industry in TN 2. Following discriminatory practice, you should make a complaint with ____ days. - Correct Answer ✅180 3. What is a timeshare estate? - Correct Answer ✅Ownership or leasehold estate in property devoted to a timeshare fee, tenants in common, time span ownership, interval ownership, and a time share lease. 4. What is an acquisitions agent? - Correct Answer ✅Licensed and attempts directly to encourage any person to attend a sales presentation for a timeshare program 5. What is a purchaser? - Correct Answer ✅Anyone who buys timeshare 6. What is an exchange agent? - Correct Answer ✅An agent for an exchange program 7. What is a sales agent? - Correct Answer ✅Person acting as a seller of any Time Share contract (only sell under specific time share developer) Anyone who sells timeshare. P a g e 1 | 13 8. What is a person that sells more than 5 timeshares a year that are not their own? - Correct Answer ✅Timeshare resale broker 9. What is a unit?` - Correct Answer ✅Real property improvements in a project which is divided into timeshare program. 10. What is a managing agent? - Correct Answer ✅Person with management duties and responsibilities and obligations of a timeshare program 11. What are timeshare units? (what can be a timeshare) - Correct Answer ✅Anything can be a timeshare unit unless expressly prohibited by project instruments or local governing laws 12. What should be included in the Public Offering Statement? - Correct Answer ✅name of county where property is located 13. legal description of property 14. ID of time periods by letter, name and number 15. ID of timeshare estates and how many units can be a timeshare 16. Common expenses and voting rights 17. any restrictions on use occupancy alterations or alienation of timeshare units 18. ownership interest/maintenance provisions/ replacement 19. ____ must be provided to each purchaser of a timeshare. - Correct Answer ✅Public Offering statement 20. When must you give a public offering statement? What is the exception? - Correct Answer ✅Must be provided to each purchaser of P a g e 2 | 13 34. What are the prerequisites for licensing? - Correct Answer ✅Honest, 18 years of age, resident of state, not criminal, not on probation. 35. True or false? An applicant who has passed the exam within the last 6 months is not necessarily qualified for a license. - Correct Answer ✅True 36. What is the renewal fee for the license? - Correct Answer ✅80 37. The original license fee is ____ Plus ___ for education and recovery fee? - Correct Answer ✅100, 30 38. You must renew you license ____ days prior to expiration - Correct Answer ✅60 39. You must make a minimum passing score of _____% on your exam. - Correct Answer ✅70 40. If you terminate your affiliation you have ___ days to notify the commission. - Correct Answer ✅10 41. If your broker tells you to sell only to a particular group and you do as you were instructed, you are guilty of _____. - Correct Answer ✅Discrimination P a g e 5 | 13 42. What are the requirements for a contract and agreement to be made? - Correct Answer ✅Offer an acceptance, valid consideration, competent parties, legal purposes, reality of consent 43. Disclosure of everything related to a loan is considered? - Correct Answer ✅Truth in lending, came into being after banking industry was deregulated 44. _____ is a consumer credit protection law which is part of truth in lending - Correct Answer ✅regulation-7 enacted 1969 45. When does your license expire? - Correct Answer ✅2 years less 1 day from the date of issue 46. How do you get reinstated if you let you license expire? - Correct Answer ✅The penalty is 50 per month for 2 months, 100 per month up to six months after that you must retake the test. 47. Who is the developer? Can they be refused a license or registration? - Correct Answer ✅The seller. Yes if they are immoral, financially unstable 48. What is an example of an exchange agent? - Correct Answer ✅RCI agent 49. What can be a timeshare? - Correct Answer ✅Anything unless prohibited by other document or local regulations P a g e 6 | 13 50. What is a project instrument? - Correct Answer ✅All documents associated with a timeshare 51. If property is not a timeshare then what is it? - Correct Answer ✅Rental or whole ownership 52. When do we present the public offering statement - Correct Answer ✅First thing in deeding, must have rescission statement on it. 53. What is the form by which nearly all business with the commission is conducted after licensing? - Correct Answer ✅TREC 1 form 54. When one of the contract essentials is missing the contract is _____. - Correct Answer ✅voidable 55. How long do you have to spend as an affiliate before applying to be a broker?` - Correct Answer ✅3 years 56. How long after passing the test do you have to apply for a license - Correct Answer ✅6 months then retest 57. Whose job is it to make sure that you renew your license? - Correct Answer ✅the licensee 58. What is an example of a voidable project? - Correct Answer ✅lacks enforceability P a g e 7 | 13 76. What are the three grand divisions and how many members of TREC are from each division? - Correct Answer ✅East, west, middle. 3 77. Who approves real estate schools? - Correct Answer ✅State of TN 78. What is the liability of real estate education and recovery account? - Correct Answer ✅Shall not exceed 15000 for transaction or 30,000 for the duration of any licensee career 79. What must be prominently displayed in the brokers principle place of business? - Correct Answer ✅All licenses 80. What is a premier resort city? - Correct Answer ✅population of 3000 or more and 40% or more assessed value is hotels restaurants tourist fit shop etc 81. How long is a term for the Executive Director of the TN Real Estate Commission? - Correct Answer ✅4 years 82. How long is the statue of limitations for record keeping for TREC transaction? - Correct Answer ✅4 years 83. What is the penalty for involuntary discrimination? - Correct Answer ✅1st 10,000 2nd 25000 3rd 50000 84. What is the fee to move your license or put it in retirement? - Correct Answer ✅25 P a g e 10 | 13 85. What is the fee to change your address? - Correct Answer ✅Nothing 0 86. What are the essentials of a contract? - Correct Answer ✅offer and acceptance, legal purposes, consideration, reality of consent, competent parties 87. who can pay a licensee commission? - Correct Answer ✅broker 88. How are commissions determined? - Correct Answer ✅negotiated never fixed 89. When are real estate commissions collected? - Correct Answer ✅at time of closing paid to timeshare agents after rescission 90. What is excluded from truth in lending - Correct Answer ✅property value or sales commission 91. How long does a timeshare resort have to amend an incokplete or inadequate public offering statement? - Correct Answer ✅45 days 92. How long is the rescission period on camping contracts? - Correct Answer ✅15 days 93. How many members are on the TN human rights commission? - Correct Answer ✅15 P a g e 11 | 13 94. How are the members of the TN human rights commission divided? - Correct Answer ✅5 from each grand division 95. What is the term of a TN human rights commission member? - Correct Answer ✅6 years 96. What is the penalty for cancellation? - Correct Answer ✅there is no penalty 97. How much of a deposit must be in independent escrow? - Correct Answer ✅100% 98. Who is ultimately responsible for funds even after paid over to escrow company - Correct Answer ✅Broker 99. What is the result if the developer cancels a contract during applicable rescission period? - Correct Answer ✅purchaser must return all materials in good condition if materials not returned developer may deduct costs 100. What are the requirements to sell timeshare - Correct Answer ✅License and must be affiliated with firm which is affiliated with a registered timeshare project 101. When did regulation-z come into effect - Correct Answer ✅1969 P a g e 12 | 13