R E Ch 7 Time Share And Campgrounds

Anyone who engages in any of the activities for which a license, permit, registration, or other authorization is required, without that authorization, or commits another violation of the time-share license law, is considered guilty of:

A gross misdemeanor.

For campground membership sales, which is the party that is responsible for supervising the sales agents associated with him?

The broker of record.

In which of the following cases does the time-share law not apply?

In the case of a sale of 12 or fewer time shares in a project, or in the case of 12 or fewer time shares in the same subdivision.

Which of the following laws is the most "substantially similar" to membership campground laws?

Time-share law.

People who work for time-share developers, who are not sales agents, but who can induce people, on behalf of the developer, to attend sales presentations, to act on their behalf under specific conditions, are known as:

Representatives.

Which of the following terms means "A non-freehold estate, which gives someone the right to use a certain property for a specific amount of time each year, and sets forth a specific termination date for this usage?"

A time-share use.

Under the time-share sales law in Nevada, a sales agent must complete how many hours of instruction before earning his sales agent's license?

14 hours.

The term that refers to the portion of a time-share permit application that sets forth the proposed promotion, advertising and sale of units, time shares or other interests in a time-share project, which sets forth set information about how buyers will be solicited/procured, the means of selling the time shares, and any escrow, deed, sales contracts or other documents used in the sales, and additional information, is the:

Written plan.

What is the fee a time-share developer must pay for each permit to sell time shares, per subdivision?

$1500 per permit.

A provisional license is valid for:

One year, and it is not renewable.

Any person licensed as a real estate salesperson is NOT required to obtain a separate time-share

sales agent license as set out in NRS 119A.

A ___________ is a person who creates a time-share plan and is in the business of offering to sell or selling time-shares.

DEVELOPER

A __________ is a person who coordinates the sale of time-shares for a developer.

PROJECT BROKER

A sales agent selling time-shares MUST be under the direct supervision of a licensed real estate broker acting in the capacity of a

project broker.

Before a person applies for a sales agent license, he or she must complete

14 hours of prelicense instruction

A sales agent is only permitted to work for 1 broker at any given time and may only work

at a single location at any given time.

If there is a change of a sales agent's association with a project broker, it is the responsibility of the project broker to provide written notice to the Division within

10 days after that change.

A sales agent must only become associated with a project broker who will attest to the agent's

good reputation, honesty, and trustworthiness.

A sales agent must promptly deliver every good faith offer (complete with purchase terms and conditions) that he or she obtains to the project broker, and must also promptly deliver to the purchaser and seller a copy of

each acceptance of an offer or counteroffer.

Time-share permits expire annually and must be renewed by filing an application with the Administrator and paying the required fee. The filing of the renewal and the fee must be completed at least

30 days before the permit expires.

A developer is required to provide a Division-approved public offering statement to

every proposed purchaser of a time-share.

If any developer, project broker, manager, sales agent, or representative is convicted of or pleads guilty or no contest to any felony or crime of moral turpitude, he must notify the Division within

10 days after the conviction or plea

Although time-shares and time-share plans and projects are subject to the regulations prescribed in the statutes and codes prescribed at state level, time-shares and time-share plans and projects are subject to

local government licensing in terms of revenue

The time-share laws do NOT apply to an owner (except if that owner is also a developer) who earns compensation through the referral of prospective purchasers to a developer, as long as that owner refers

20 or fewer prospective purchasers within 1 calendar year, and if that owner does NOT show or negotiate the time-share sale.

A developer may establish branch offices, provided each office is operated and supervised by:

• A project broker; or

• A broker-salesperson with at least 2 years of experience as an active real estate broker, broker-salesperson or salesperson

A project broker is required to keep ________ of all transactions.

records

If a project broker fails to renew his or her licensethe licenses of EVERY salesperson in his or her employ will be ______________until the employee applies for and meets the qualifications for reinstatement of his or her license and pays the proper fees.

immediately suspended

A time-share resale broker must renew his or her registration with the Division