Nevada Timeshare License Practice Exam

What can buyers do within 5 calendar days after making a timeshare sale if they have second thoughts?

1. Accept the purchase as final

2. Negotiate a new price

3. Revoke the purchase for any reason

4. Transfer the purchase to someone else

The correct answer is: Revoke the purchase for any reason

After making a timeshare purchase, buyers have the right to revoke the purchase within 5 calendar days if they have second thoughts. This period is often referred to as a "cooling-off period," designed to protect consumers by giving them the opportunity to reconsider their commitment without facing financial penalties. During this timeframe, they can cancel the sale without needing to provide a reason, ensuring that they're fully comfortable with their decision. This buyer's protection is critical in timeshare transactions, where consumers may feel pressured during the sales process. The other options do not align with the specific rights granted to consumers in this context. Accepting the purchase as final would negate the opportunity for cancellation within the allowed period, while negotiating a new price or transferring the purchase do not reflect the rights available within that initial 5-day window. Overall, the ability to revoke the purchase for any reason underscores consumer protection measures in the timeshare industry.