TN Timeshare Flashcards
What is the Tennessee Real Estate Commission (TREC)
The JUDICIAL Body of the Real Estate industry of Tennessee
Following discriminatory practice, you should make complaint within () days
180
What is a time share estate?
Ownership or leasehold estate in property devoted to a timeshare fee, tenants in common, time span ownership, interval ownership, and a time share lease
What is an acquisition agent?
Licensed and attempts directly to encourage any person to attend a sales presentation for a time share program
What is an exchange agent?
Agent for an exchange program
What is a purchaser?
Anyone who buys a time share
What is a sales agent?
Person acting as a seller of any time share contract (only sell under specific time share developer) anyone who sells a time share
What is a person that sells more than 5 time shares a year that are not their own?
Time share resale broker
What is a unit?
Real property improvements in a project which is divided into time share intervals
What is a managing agent?
Person with management duties and responsibilities and obligations of a time share program
What are time share units?
Time share units can be created in any unit unless
1) expressly prohibited by project instruments
Or
2) local governing laws
What should be included on the public offering statement?
A.the public offering statement should contain:
*Name of country where property is located
*legal description of property
*identifications of time periods by letter, name and number
*identification of time shares estates and how many units can be time share
*common expenses and voting rights
*any restrictions on use, occupancy, alterations, or alienation of time share units
*ownership interest/maintenance provisions/replacement
() must be provided to each purchaser of a timeshare
Public offering statement
When do you have to give a public offering statement? What is the exception?
Must be provided to each purchaser of a time share
EXCEPTION developer was registered and PO statement was provided to purchaser under Security and Exchange Act etc., then the owner of the property is not requested to provide a public offering statement when conveying to another individual
What is an Escrow of Deposits
When a purchaser gives deposit money it is placed in an account of an independent escrow co and held 100% during cancellation period
Active licensees must have () coverage
Errors and Omissions
I’m the mutual rights of cancellation the contract is voidable by the purchaser or developer until he has received a public offering statement
10 days onsite
15 days off site
In the disclosure of rescission rights, you may cancel a contract. It must be in boldface and conspicuous type in every () and every ()
Public offering statement
Contract for sale below signature
Cancellation of contract is without penalty if they follow the disclosure of rescission rights. It must be refunded within () days after receipt of notice.
30
Misleading advertisement is unlawful
True
When can the commission issue a cease and desist order?
If a developer has not registered a timeshare program.
Prize or gift promotional offers are only okay under what 2 circumstances?
Under sponsorship and with approval of firm with whom licensee is affiliated
I’m writing signed by licensee with disclosure of all pertinent details
What cannot be paid to any person who does not hold a real state license?
Cash rebates, cash gifts, and cash prizes
If for any reason a guest has not received their gifts within a period of () they may be given the gift or the cash equivalent
72 hours
What are the powers of the real estate commission
They can fine licensees, they can suspend your license, they can refer you to a court of law, their investigators can come by at any time during business hours to see any of your records, and they can close a development
