Nevada Timeshare License Practice Exam

What type of timeshare provides a grant deed for fee simple title to the buyer?

1. A leasehold project

2. An ownership project

3. A rental project

4. A shared project

The correct answer is: An ownership project

The type of timeshare that provides a grant deed for fee simple title to the buyer is indeed an ownership project. In this arrangement, the buyer receives a legal interest in the property, which means they hold a fee simple title. This type of ownership gives the buyer full rights to the property, including the ability to use it for specified times, sell it, or bequeath it to heirs. The grant deed signifies this transfer of ownership, providing legal documentation of the buyer's rights. In contrast, options like leasehold projects involve renting the property rather than owning it outright, meaning the buyer does not receive a grant deed for ownership. Rental projects focus solely on leasing terms without conferring any ownership rights to the buyer, while shared projects might refer to co-ownership arrangements but do not necessarily include the same legal title transfer that comes with fee simple ownership. This distinction is crucial in understanding the rights and responsibilities associated with different timeshare types.