Timeshare Test Part2

Front 1

A timeshare resort having both whole unit owners and timeshare owners is referred to as a?

Back 1

Mixed-use Resort

Front 2

An interval sold subject to availability is referred to as

Back 2

Floating time

Front 3

By definition any person who sells or offers to sell his interest in a timeshare is a

Back 3

Developer

Front 4

A licensed timeshare sales agent may

Back 4

Sell timeshare interest only at the timeshare project where he or she is licensed and where his or her license is prominently displayed

Front 5

In Nevada who may sell a developers timeshares interest?

Back 5

Real estate licensees or timeshare sales agents

Front 6

A broker's salesman, timeshare, sales agent, or real estate salesman selling timeshares shall not associate with or accept commission from any person other than

Back 6

The project broker

Front 7

In what year did the Nevada Legislature passed the statute governing timeshare sales?

Back 7

1983

Front 8

What is the Nevada timeshare law called?

Back 8

NRS 119a

Front 9

How much is the renewal fee for a timeshare agent license?

Back 9

$200

Front 10

How many hours of continuing education must a timeshare agent complete to renew his license?

Back 10

6 hours

Front 11

What is the fee for a timeshare agent to change from one broker / developer to another?

Back 11

$10

Front 12

The document containing the covenants conditions and restrictions which regulate a project is called the

Back 12

Bylaws

Front 13

A resort structured to allow for homeowner tenants and timeshare interest owners is referred to as a

Back 13

Mixed-use Resort

Front 14

Resorts that utilize our reservation system based on availability are referred to as

Back 14

Floating resorts

Front 15

What is meant by mental capacity?

Back 15

Being able to understand the nature of a contract

Front 16

The person who coordinate the sale of timeshares for a timeshare project and to whom the sales agents and representatives are responsible is the

Back 16

Project broker

Front 17

Any lien mortgage, deed of trust, or encumbrance which secures or evidence of obligation to pay money, to sell, or to convey property made available to purchasers by the developer is known as

Back 17

A blanket encumbrance

Front 18

Which of the following best describes someone who induces and solicits persons to attend promotional meetings for the sale of timeshares?

Back 18

A registered representative

Front 19

All of the following statements are true regarding the public offering statement except

Back 19

It is written by the project developer

Front 20

Where can the CC and R's for a timeshare project be found?

Back 20

In the declaration of a timeshare

Front 21

One of the roles of a timeshare sales agent is to ensure prospective purchasers are adequately informed. Which of the following information is A timeshare sales agent not required to disclose?

Back 21

The source and amount of compensation that timeshare sales agent will receive in the transaction

Front 22

Your prospective purchaser agrees to purchase a timeshare unit. You find out after the contract has been signed that the buyer was only 17 years old. You can

Back 22

Do nothing as the contract is voidable by the buyer only

Front 23

You carefully explain the purchasers cancellation rights to Customer. They tell you they would never do anything like that, and to them, a deal is a deal. They then tell you that they will sign a waiver of their cancellation right so that you can count the deal in this month's sales contest. They really seem to like you. You take them up on their offer and they signed the waiver. Which statement is true?

Back 23

Your acceptance of their waiver made the deal voidable by the purchaser

Front 24

Under Nevada law common man out-of-state timeshare property be sold with in Nevada?

Back 24

Yes, but the contract must say " this contract is to be construed according to the laws of Nevada and, specifically, chapter 119a of nrs"

Front 25

Rescission rights provided to consumers

Back 25

Must be disclosed in the contract

Front 26

In Nevada a timeshare purchaser has how many days to cancel his / her purchase?

Back 26

5 days

Front 27

If the developer authorized sales agent obtains a waiver of right to cancel from the purchaser, the contract for sale is

Back 27

Voidable by the purchaser

Front 28

Developer Douglas sales agent owes which of the following duties to prospective purchasers?

Back 28

Disclosure of all material defects

Front 29

The document that Provides for the maintenance, management, procedures to add units, system of identification of the time periods, and for assessment of the expenses of the timeshare project is called the

Back 29

Timeshare instrument

Front 30

Which of the following appears on the cover sheet of the public offering statement?

Back 30

The prospective purchaser should read this report before signing any paper. In red ink

Front 31

The public offering statement containing the permit to sell timeshares must be renewed

Back 31

Every year

Front 32

Douglas marketing plan must be submitted to the division in a formal statement and must describe all of the following EXCEPT

Back 32

Date and time schedules for promotional meetings

Front 33

The covenant, conditions, and restrictions are contained in the

Back 33

Bylaws of the association

Front 34

An agent warrants

Back 34

Integrity in dealings

Front 35

All prospective purchasers must receive all the following EXCEPT

Back 35

Representation of the customer

Front 36

What must a developer whose property is affiliated with an exchange program disclosed to all potential buyers?

Back 36

The cost and terms

Front 37

Which of the following sale techniques and tactics must conform to the standards as outlined in NAC 119a .365

Back 37

1 Each oral statement made to a prospective purchaser to promotional meetings must be consistent with written advertising or other material filed with and approved by the division

2 Excessively loud music must not be played during the promotional meeting

3 any prospective purchaser who expresses a desire to leave a promotional meeting at any time during or after the sales presentation may not be impeded in any manner from departing or cold or pressured to remain

4 all of the above

Front 38

Which of the following statements is incorrect?

Back 38

Fictitious contest must be used to solicit consumers

Front 39

Any free gift promised as an inducement for a prospective purchaser to attend a presentation may be withheld if the purchaser

Back 39

Does not attend the presentation

Front 40

"Shill" is

Back 40

Is someone affiliated with the project who makes a dummy purchase to get the buying going at a promotional meeting

Front 41

The project developer wants to get sales moving a little. At a Monday sales meeting, the developer tells the sales manager that they can authorize a 25% discount on any deal for the next five days. Is this permitted?

Back 41

No, discounts can only be given for quantity purchases or for cash purchases

Front 42

All advertising to be done at of Nevada timeshare project must be approved by the

Back 42

Administrator of the real estate division

Front 43

Any fees collected by the division for investigative work required prior issuing a permit or license must be deposited in the state treasury for credit to the

Back 43

General fund

Front 44

When must timeshare permits be renewed?

Back 44

Annually

Front 45

All fees for permits or licenses are deposited in the state treasury for credit to the

Back 45

General fund

Front 46

What time share interest is offered to a purchaser with a right to use in a timeshare project

Back 46

Membership in a club

Front 47

Upon receipt of cancellation for a reservation to purchase, the developer shall return in full the total deposit plus any interest earned within

Back 47

20 days

Front 48

Pledge property as security for a loan is known as

Back 48

Hypothecation

Front 49

It is almost 8 o'clock in the evening. You have been with your prospective purchasers since shortly after 2 o'clock in the afternoon. You're pretty sure you can close the deal, but they want to talk it over with their son who is a real estate salesman in Dallas. You must

Back 49

Allow them to discuss the transaction with anyone they want, including their son or lawyer

Front 50

During the promotional meeting, you have a very talented speaker address to prospective purchasers. You're working with a nice couple from Oregon, but you do not seem to be able to make a deal. You remember that one of your sales managers is from Oregon and you call him to help him make the close. Under Nevada law is this permissible?

Back 50

Yes, not counting a podium speaker, you may have one additional person take over a prospective purchaser in attempt to make a deal

Front 51

To affect an exchange, an owner of a floating use period must first secure a specific week at the home resort through which of the following

Back 51

The home resort

Front 52

The term applying to each member of a group or persons owning an individual interest in the same parcel or real estate in a timeshare unit is called

Back 52

Co tenant or tenants in common

Front 53

Normally, before the owner of a floating week timeshare can request an exchange, the owner must first

Back 53

Obtain reservation for a specific week at his home resort

Front 54

Which statement is true about a condominium?

Back 54

1 in a condominium the individual units have three dimensional airplot legal descriptions

2 a condominium normally has an Owners Association

3 condominium includes areas owned in common by all of the unit owners.

4 all of the above

Front 55

A prospective purchaser is the sole stockholder in a small plumbing company. He wants to purchase a timeshare and use it as an employee incentive. As the company will be paying part of the cost of the timeshare, he wants to own it in joint tenancy with his corporation. Is this permitted in Nevada?

Back 55

No, one has to be a human being in joint tenancy

Front 56

Douglas makes reservations to purchase timeshares using a preliminary permit. All of the following are true except

Back 56

Douglas must require that any earn interest on the deposit for the reservation be retained in the broker's trust account for a period of not less than 10 days

Front 57

All of the following are true regarding the right to cancel except the

Back 57

Purchaser of timeshare has five-day conditional right to cancel, by written notice, the contract of sale until midnight of the 5th calendar day following the execution of the contract

Front 58

In contractual terms, consideration means

Back 58

Payment in money

Front 59

What is a void contract?

Back 59

One that is not enforceable by law

Front 60

A voidable contract is

Back 60

Valid until action is taken to make it void

Front 61

According to NRS 119a, who is responsible for direct enforcement of NRS 119a

Back 61

The administrator

Front 62

Which of the following is not ground for suspension of a salesperson's license?

Back 62

Poor personal hygiene

Front 63

How long after it is delivered does a cease and desist order to an unlicensed individual under NRS 119a take effect?

Back 63

Immediately upon receipt

Front 64

According to NRS 119a .170, which of the following is exempt?

Back 64

Sales of 12 or fewer timeshares on one subdivision or project

Front 65

Each of project Jones sales agents is required to meet what educational requirements

Back 65

Prelicensing of 14 hours

Front 66

Local governments may licence timeshare projects according to NRS 199.200, provided that

Back 66

They license timeshare sales for revenue only

Front 67

Susan's registration is a time share representative was issued on July 28th 2003. Her registration must be renewed by

Back 67

July 31st 2004

Front 68

All the following are grounds for disciplinary action against licensees except

Back 68

Accepting a commission from a broker

Front 69

Developer Douglas will open 6 offsite sales offices. Each branch must be supervised by a

Back 69

Broker or broker salesman with at least two years of experience

Front 70

Your timeshare project sell units with time that can be used identified by a season and not a specific week. Your project

Back 70

Is selling floating weeks

Front 71

Many timeshare properties are

Back 71

Condominiums

Front 72

A timeshare is best described as a

Back 72

Right to use and occupy a unit on a recurrent periodic basis

Front 73

A timeshare sales agent is a person who

Back 73

Sell timeshares on behalf of a developer

Front 74

What is the definition of a timeshare resale?

Back 74

The sale of a time share or transfer of a time share that was previously sold to a purchaser

Front 75

All of the following are included in the definition of a person as stated in NRS 119a except a

Back 75

Purchaser

Front 76

A timeshare representative is

Back 76

A person who is not a sales agency, but who on behalf of the developer, induces other persons to attend a sales presentation

Front 77

Who is not an affiliate as defined in NRS 119a?

Back 77

Sales agent

Front 78

The homeowners association is formed primarily for the purpose of

Back 78

Maintenance operation

Front 79

Mr. Allen was named the project broker at a Nevada timeshare resort. For which of the following people will he be responsible?

Back 79

Sales agents and representatives

Front 80

Any person who has purchased a timeshare, other than the developer or the lender, is by definition the

Back 80

Purchaser

Front 81

any person who, on behalf of the developer, induces other persons to attend a sales presentation is a

Back 81

Registered representative

Front 82

After the original sales person meets with the prospective purchaser excluding the podium speaker, how many additional sales persons may attempt to take over and achieve a sale?

Back 82

1

Front 83

The courts have upheld that a sale practice is unfair if it

Back 83

Is immoral, unethical, oppressive, or unscrupulous

Front 84

Which of the following is considered deceptive sales practices by the FTC?

Back 84

1 exaggerating the nature and quality of the resort

2 making an accurate statement about the exchange privileges

3 offering premium that are not actually supplied

4 all of the above

Front 85

The site plan of a timeshare development show the number of amenities on it. To comply with Nevada law, the developer must do all of the following EXCEPT

Back 85

Avoid the use of testimonials and advertising related to the amenities

Front 86

Upon meeting all of the requirements for obtaining a timeshare sales agent license, a license is issued on November 21st, 1999. It will expire on

Back 86

November 30th 2001

Front 87

In order to renew your timeshare sales agent license you must

Back 87

Complete 6 hours of approved continuing education

Front 88

Timeshare agents do not have to demonstrate professional conduct to protect the public against

Back 88

A prospect's credit worthiness

Front 89

The Nevada real estate division regulates timeshare sales by

Back 89

Requiring timeshare developers to submit their projects for approval

Front 90

A timeshare sales agent must possess which of the following in order to be licensed?

Back 90

Evidence of completion of 14 hours in an approved timeshare agents course

Front 91

Which statement is true regarding developer Douglas promotional meetings

Back 91

Except for a podium speaker only one additional salesman may attempt a sale

Front 92

When is it okay to record or tape a promotional sales meeting?

Back 92

Only if the customers are informed verbally and a placard is prominently displayed

Front 93

Any sales presentation given to any number of potential purchasers at one time at any location is called a

Back 93

Promotional meeting

Front 94

If a sales person refuses to sell an interval to a customer because of his religious belief he is guilty of violating what law?

Back 94

Fair Housing Act of 1968

Front 95

Until closing, all monies, negotiable instruments, or other deposits pertaining to the sale of a timeshare must be placed in

Back 95

An escrow agent account approoved by the division

Front 96

In Nevada after receiving proper notice of cancellation, a developer must refund all monies received from a purchaser within how many days

Back 96

20 days

Front 97

What is the law that requires real estate contracts to be in writing to be enforceable?

Back 97

The statute of frauds

Front 98

If liens superior are foreclosed, causing harm to the interests of any purchaser, the

Back 98

Purchaser must continue to make payments until notified by the court

Front 99

Which of the following information do truth-in-lending and regulations required to be disclosed to a financed purchase of a timeshare?

Back 99

Annual percentage rates, financial charge, amount financed, and total of Payments

Front 100

If a timeshare unit is unavailable for the period to which the owners entitled to its use by schedule or by confirmed reservation, according to NRS 119 a, what is the owner entitled to be provided by the Association, or if there is no association by the developer

Back 100

Monetary compensation for the loss

Front 101

The maximum possible estate one can possess in real property is

Back 101

A fee estate

Front 102

Regulation Z requires

Back 102

All finance charges to be disclosed in dollars and has an annual percentage rate

Front 103

When should the duties owed form be presented?

Back 103

During the verification process

Front 104

All of the following statements are true regarding public offering statements except

Back 104

They shall be reviewed by the project broker or sales agent

Front 105

The cover sheet of the public offering statement must have the consumer warning printed in what ink color?

Back 105

Red

Front 106

If the developer files a notice of default against an owner for non payment of an assessment lien, the owner has how many days to satisfy the obligation and prevent foreclosures?

Back 106

30 days

Front 107

A reservation to purchase a timeshare must

Back 107

1 be on a form approved by the division

2 provide for full refund of purchase or cancels

before execution of a sales contract

3 guarantee the timeshare purchase price for a period of time after the issuance of the permit to sell timeshare

4 all of the above

Front 108

Which of the following is true with respect to a prospective purchaser making a reservation to purchase?

Back 108

1 he will have the right to cancel the reservation before the execution of the contract of sale

2 he will be guaranteed the purchase price for a certain period of time after issuance of the permit

3 he will receive any interest earned on the reservation deposit

4 all of the above

Front 109

If a timeshare resale listing expires before the timeshare resale broker closes escrow on the resale, he must return the money held in the trust account to the owner of the timeshare within how many days after the expiration of the listing?

Back 109

14 days

Front 110

The sale of a timeshare

Back 110

Is the sale of a real property right

Front 111

John and Mary from Sydney Australia purchase a two bedroom unit at your timeshare project. They decide to hold title to the unit as tenants in common. They decide to get a divorce and cannot agree on who will on the timeshare you sold them. They call asking if they can change their deeds so that John on the front bedroom and Mary owns the back bedroom, as their sole and separate property, and they continue to jointly on the kitchen and the living room area. You tell them

Back 111

They should ask their lawyer or contact one in Las Vegas

Front 112

Jerry is the project broker for great view resorts in Reno. The developer hold the Nevada permit to sell. Gerry would like to do resale for owners of great View Resort. What must Jerry do?

Back 112

1 he must register as a timeshare resale broker with the real estate division

2 he must provide a disclosure document describing the interest and the project

4 both 1 and 2

Front 113

Al had completed his 14 hour pre licensing requirement and passed the Nevada TSA examination. He may conduct sales presentations for the developer provided that

Back 113

The license is available at the sales location

Front 114

The section of Nevada Revised Statutes that applies to real estate brokers and salesman is

Back 114

NRS 645

Front 115

A timeshare owner and default shall have how many days in which to pay the amount of a lien to avoid foreclosure, after the notice of default is recorded and a copy of the notice is mailed to the owner by certified mail with postage prepaid?

Back 115

14 days

Front 116

All contracts for sale must be signed on behalf of the developer by

Back 116

1 the project broker

2 a salesman

3 the sales agent

4 any of the above

Front 117

Which of the following is not necessary to perform a binding contract?

Back 117

Performance

Front 118

Developer Douglas has closed sales for his resort and plans to use a trust for management and the sale of any remaining weeks. Requirements for a trust under 119a include all of the following EXCEPT

Back 118

Trustee must be approved by the owners association by at least 70% vote

Front 119

Mr. And mrs. Wells held a confirmed reservation for a week at their home resort. Upon arrival, they were informed that the unit was unavailable. They are entitled to

Back 119

Monetary compensation for loss of use

Front 120

Developer Douglas is affiliated his resort with the Acme condominiums international exchange company. He must furnish those participating purchasers with

Back 120

A full disclosure regarding the nature of any exchange program

Front 121

What words never appear in a contract?

Back 121

Business investment

Front 122

The Jacksons purchase a timeshare from John three days after purchasing from a competing resort. John must assist the Jacksons in the revocation of the previous purchase agreement provided that he

Back 122

None of the above

Front 123

Which of the following statements is not correct?

Back 123

The purchaser of a timeshare may cancel, by written notice, the contract of sale until midnight of the 7th calendar day following the date of execution of the contract

Front 124

If the division issues a license in error, the division may

Back 124

Invalidate the license

Front 125

The district court may do any of the following EXCEPT

Back 125

Provide an initial decision on a disciplinary matter

Front 126

If initially denied a license to whom an applicant appeal?

Back 126

The administrator

Front 127

The advertisement for a timeshare

Back 127

1 must contain statements and representations that are accurate and true

2 will be judged by reasonable inferences drawn from it

3 must be consistent with that which is filed with the division

4 all of the above

Front 128

An advertisement which refers to a community or geographic area in connection with the project must

Back 128

1 state the mileage from a specific point in that community

2 include the types of roads traversed

4 both one and two

Front 129

Advertisements may contain maps, pictures, and sketches provided that

Back 129

1 maps are drawn to scale or labeled as not to scale

2 pictures fairly and accurately depict existing locations

3 sketches are accompanied by a clear statement that the portrayal are sketches

4 all of the above

Front 130

Which of the following may not be used in any form of advertising?

Back 130

The term "appraised value" without supporting documentation