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Tennessee Timeshare License Exam Study Guide: Questions and Answers, Exams of Real Estate Management

Tennessee State University (TSU)Real Estate Management

This study guide provides a comprehensive overview of the tennessee timeshare license exam, covering key concepts and regulations related to timeshare sales and operations. It includes a series of questions and answers, designed to help individuals prepare for the exam and gain a thorough understanding of the industry. The guide covers topics such as acquisition agents, license expiration, commission powers, escrow accounts, project instruments, rescission periods, advertising regulations, and ethical considerations.

Typology: Exams

2024/2025

Available from 01/11/2025

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2025|100% solved | Questions and Correct Answers
Tennessee Timeshare License Exam Study Guide
(Verified Answers) | A Grade
What is an acquisition agent? - ✔✔People who solicit others to attend a presentation
When does your license expire? - ✔✔2 years from the date of issuance
What are the powers of the commission? - ✔✔The can fine you, suspend your license, or refer
you to court.
If your license is expired, how can you get reinstated? - ✔✔Retake the test
What is an escrow account? - ✔✔Deposit for purchase into a bank account
Who is the developer and can they be refused a license? - ✔✔The person or entity which is in
the business of creating or selling any timeshare program
What is the project? - ✔✔The developement
What is an exchange agent? - ✔✔RCI
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2025 |100% solved | Questions and Correct Answers

Tennessee Timeshare License Exam Study Guide

(Verified Answers) | A Grade

What is an acquisition agent? - ✔✔People who solicit others to attend a presentation When does your license expire? - ✔✔ 2 years from the date of issuance What are the powers of the commission? - ✔✔The can fine you, suspend your license, or refer you to court. If your license is expired, how can you get reinstated? - ✔✔Retake the test What is an escrow account? - ✔✔Deposit for purchase into a bank account Who is the developer and can they be refused a license? - ✔✔The person or entity which is in the business of creating or selling any timeshare program What is the project? - ✔✔The developement What is an exchange agent? - ✔✔RCI

What can be a timeshare? - ✔✔Anything unless it is prohibited by other documents What is a project instrument? - ✔✔All documents associated with the timeshare If the property is not a timeshare, what is it? - ✔✔A rental or whole ownership When do we present the public offering statement? - ✔✔The first thing in the closing, it must contain the rescission statement in it. What is the rescission/cancellation period in TN? - ✔✔ 10 or 15 days How long does one have to submit a complaint if they feel they have been discriminated against? - ✔✔180 days How long do you have to spend as an affiliate broker before you can apply for a broker license?

  • ✔✔Three Years What is errors and ommision insurance? Who has to have it? - ✔✔All agents must have insurance to protect them against inadequate or negative actions How long after passing your test can you apply for your license? - ✔✔ 6 months

What is an example of a voidable contract? - ✔✔It lacks enforceability Who is responsible for misleading advertising? - ✔✔The person who placed the ad and the principal broker What would keep a developer from obtaining a license? - ✔✔Bankruptcy or moral issues If your boss tells you to sell to women only, and you comply, what are you guilty of? - ✔✔A variety of discriminatory actions When is a public offering statement not required? - ✔✔During resale Before a timeshare is a timeshare, what is it? - ✔✔A project Can you indicated that a prospective tour has won a prize? - ✔✔NO Can you misstate the value of a gift? - ✔✔NO What must be stated in a Truth of Lending? - ✔✔Disclosure of everything related to a loan What must be there for a contract to be valid? - ✔✔- Offer and acceptance

  • value consideration
  • competent parties
  • legal purpose
  • reality of consent (not on drugs or undue unfluence) What is the original license fee? - ✔✔$
  • 100 for license
  • 30 for education and recovery fee What is the renewal license fee? - ✔✔$ What are the Pre-Requisites of licensing? - ✔✔-Honesty
  • 60 hours of real estate edu
  • 18 y/o
  • must apply for license within 6 months of passing exam
  • must not be on probation Who makes up the Tennessee Real Estate Commission? - ✔✔ 9 members
  • 3 from each grand division of state
  • 7 real estate agents
  • 2 from general public
  • Commissioners of Real Estate Commission (5 years)
  • Commissioner of TN Human Rights (6 years) What is a Timeshare Estate? - ✔✔An estate in real property - character of real estate is fee simple What is a purchaser? - ✔✔Anyone who buys a timeshare What is a sales agent? - ✔✔The person who sells timeshares What is a unit? - ✔✔Real property improvements in a project which is divided into timeshare intervals What are timeshare units? - ✔✔They can be created in any unit unless expressly prohibited by project instruments or local governing laws What must the Public offering statement include? - ✔✔-name of county
  • legal description
  • id of time periods
  • id of timeshare estates and how much
  • common expenses any restrictions on use, occupancy, alterations, or alienation of timeshare unit