Nevada Timeshare - Sampler Deck Flashcards
To provide a taste of the subject matter addressed on the Nevada Timeshare Sales Agent License state exam.
Portion of timeshare project prop[erty available to all units and occupants
Common Area
In the event the Developer falls in default, the owner is responsible to…
**Keep making their payments
Timeshare ownership with characteristics:
* Same numbered week each year
* Reservations are set years in advance
* Owner is expected to visit, unless they notify the resort
Fixed Week or Fixed Use
Portion of timeshare project property available to at least one, but not all
Limited Common Areas
examples:
* Bar (age requirement)
* Kiddie Pool
* Teen Club
* Balconies, porches, and patios of unit
If an owner of a Floating Use Week wants to exchange their timeshare week for one at a different resort, they would first…
Reserve with home resort
Non-Disturbance Clause is…
Contract clause that provides protection to owners should the Developer fall into default
Ownership of one month to one-half year (not timeshare).
Fractional Ownership
Requires full real estate license to sell.
“Whole Ownership” could be described as…
Full time owner
Number of hours for Pre-Licensing Education
14
A Provisional license will expire after…
* 1 year from date of issue
* Relationship with Project Broker / Developer ends
* The Division concludes an error was made
NRS 119a applies to developers selling how many units?
More than 12
(the law does not apply to those selling 12 or fewer)
When whole ownership and timeshare exist in same resort.
Mixed Use
Timeshare ownership with characteristics:
* Different week each year based on availability
* Must make a reservation with resort in advance
* May be “seasonal” or have black-out periods
Floating Week or Floating Use
A Timeshare Sales Agent license is valid for, unless renewed?
2 Years
The passing score of the Nevada Timeshare Sales Agent exam is…
75%
If an owner of a Fixed Use Week wants to exchange their timeshare week for one at a different resort, they could contact…
The Exchange Company
Definition
Affiliate
Any general partner of the corporation, officer of the corporation or someone controlling more than 20% of the voting interest of the developer.
Definition
Sampler Program
Allows the purchase of a limited duration in a time-share plan, normally to be used within 1 year after the date of purchase, for the purpose of determining whether to purchase a time share
Definition
Regulation Z
Requires that all costs of financing are disclosed to buyers
True cost of purchase including all finance costs, fees or other charges
How do I get access to the full program?
Go to:
http://www.nvtsprep.com, then click “Flashcards”
