Nevada Timeshare - Sampler Deck

Question 1

Portion of timeshare project prop[erty available to all units and occupants

Answer 1

Common Area

Question 2

In the event the Developer falls in default, the owner is responsible to…

Answer 2

**Keep making their payments

Question 3

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

Answer 3

Fixed Week or Fixed Use

Question 4

Portion of timeshare project property available to at least one, but not all

Answer 4

Limited Common Areas

examples:
* Bar (age requirement)
* Kiddie Pool
* Teen Club
* Balconies, porches, and patios of unit

Question 5

If an owner of a Floating Use Week wants to exchange their timeshare week for one at a different resort, they would first…

Answer 5

Reserve with home resort

Question 6

Non-Disturbance Clause is…

Answer 6

Contract clause that provides protection to owners should the Developer fall into default

Question 7

Ownership of one month to one-half year (not timeshare).

Answer 7

Fractional Ownership

Requires full real estate license to sell.

Question 8

“Whole Ownership” could be described as…

Answer 8

Full time owner

Question 9

Number of hours for Pre-Licensing Education

Answer 9

14

Question 10

A Provisional license will expire after…

Answer 10

* 1 year from date of issue
* Relationship with Project Broker / Developer ends
* The Division concludes an error was made

Question 11

NRS 119a applies to developers selling how many units?

Answer 11

More than 12

(the law does not apply to those selling 12 or fewer)

Question 12

When whole ownership and timeshare exist in same resort.

Answer 12

Mixed Use

Question 13

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

Answer 13

Floating Week or Floating Use

Question 14

A Timeshare Sales Agent license is valid for, unless renewed?

Answer 14

2 Years

Question 15

The passing score of the Nevada Timeshare Sales Agent exam is…

Answer 15

75%

Question 16

If an owner of a Fixed Use Week wants to exchange their timeshare week for one at a different resort, they could contact…

Answer 16

The Exchange Company

Question 17

Definition

Affiliate

Answer 17

Any general partner of the corporation, officer of the corporation or someone controlling more than 20% of the voting interest of the developer.

Question 18

Definition

Sampler Program

Answer 18

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

Question 19

Definition

Regulation Z

Answer 19

Requires that all costs of financing are disclosed to buyers

True cost of purchase including all finance costs, fees or other charges

Question 20

How do I get access to the full program?

Answer 20

Go to:
http://www.nvtsprep.com, then click “Flashcards”