SC Vacation Time Sharing

Question 1

SC Vacation Time Sharing

Answer 1

purpose is. to protect purchasers from selling entities who engage in deceptive and fraudulent time-share sales or rental transactions.

Question 2

Time Sharing

Answer 2

involves the purchase or leasing or property for time-share unit weeks. A week consists of seven consecutive days from contract beginning date.

Question 3

Seller

Answer 3

a person who creates a time sharing plan or is in the business of selling interest in a vacation times share plan, or employs agents to do the same, or a person who succeeds to the interest of a seller by sale, lease assignment, mortgages or other transfer of time share interest in SC.

Question 4

Time-Share Salesperson

Answer 4

employed by a licensed real estate broker or work under the supervision of a developer and must: register with the commission, pay an initial registration fee of $100 and an annual renewal of $50, Regular employees of the seller are exempt from registration and from all licensing requirement.

Question 5

Types of Vacation Time Sharing

Answer 5

Lease Plan, Ownership Plan

Question 6

Lease Plan

Answer 6

the purchaser leases the facility but does not receive fee simple title

Question 7

Ownership Plan

Answer 7

currently, this is more popular than the lease plan and it conveys fee simple title to the purchaser for the time-share unit week or weeks purchased.