Timeshare Flashcards
Property is first organized as a ____
condominium
Each unit is divided into ______
time intervals
Time-share disclosure allows purchasers to cancel the contract within _____ (calendar/business) days
10 calendar days
This applies to time-share periods sold by the developer as well as resales
The Commission requires licensees to provide _____ in the listing contract, advertisements, and sales contracts
disclosures
Who is exempt from a timeshare resale listing agreement disclosure?
owners of time-share periods who own their own time-share
What is the Time-Share Act?
Buyers in Florida are protected by the Condominium Act and the Florida Vacation Plan and Timesharing Act
The Time-Share Act applies to time-share plans consisting of more than ____ time-share periods over a span of at least ____ years
more than 7 time-share periods over a span of at least 3 years
Who is exempt from a real estate license? (list 2)
- owner-developers developing and selling their own time-share units
- owners of time-share periods who own their own time-share
The sales staff hired by an owner-developer would still need a real estate license if they receive compensation on a transaction basis
Interval ownership is _____ (kind of estate) ownership
fee simple (aka forever/freehold)
Right-to-use is ______ (kind of estate) ownership
leasehold
