TSA Sameple Test Flashcards
How long is TSA license valid for?
2 years
If a timeshare agent initially becomes licensed on June 6, 2002, when will the license expire
June 30, 2002 - end of the month of when you initially got your license
An applicant for an original timeshare license MUST provide
an Application, certificates for passing the examinations and for completing the 14 hour pre-licensing course, and $200
If a timeshare agent is served notice that the division has filed charges against him/her, he,she/ has how many days in which to file with the division and answer to the charges?
20 days
a developer may NOT make a material change in the timeshare plan without giving the Division at LEAST how many days notice?
10 days
If the highest monthly total of deposits recieved by a project is $50,000, what is the amount of surety bond REQUIRED for the benefit of the purchasers?
$50,000
What is a timeshare?
a guaranteed reservation at the resort of your choice
What is a fractional ownership?
ownership of an interval of 1 month to 1/2 year (6 months)
The value of an individual timeshare usually
decreases in value
An agreement between two or more parties is called
a contract
The following elements are necessary to create an agency relationship EXCEPT
consideration
Which of the following is NOT necessary to form a contract?
Performance
The essential parts of a written contract include
competent parties, mutual consent, consideration, and legal obligation
Which of the following statements MUST be printed above the purchaser’s signature line in each contract for sale of a timeshare
both 1 and 2
Developer Tyson has defaulted on is project. Which clause provides protection for prior purchasers?
non-disturbance clause
