Nevada Timeshare License Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Nevada Timeshare License Exam with our comprehensive quiz. Test your knowledge on real estate regulations and timeshare laws with detailed questions and answers. Ace your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What percentage of an advance payment to a Resale Broker is required to be held until the timeshare sale is complete?

50%
80%
100%
20%

The correct answer is: 80%

The correct answer is that 80% of an advance payment to a Resale Broker must be held until the timeshare sale is complete. This requirement is in place to provide a safeguard for consumers, ensuring that the broker has a financial obligation to perform their duties regarding the resale of the timeshare. By holding this significant portion of the advance payment, it incentivizes the broker to actively work towards a successful sale, as they will not receive most of the payment until the transaction is finalized. This approach aligns with consumer protection regulations, which are designed to prevent brokers from taking payments without delivering the service promised. It also promotes transparency and accountability in the resale process, fostering trust between the timeshare owner and the broker. Understanding this percentage is crucial for both brokers and consumers when navigating the resale market in Nevada.