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 interactive questions and comprehensive explanations. Familiarize yourself with the format and content of the test to boost your chances of success!

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.

When can a developer sell timeshare interests prior to project completion?

When they have a completed model unit
When the project is at least 50% finished
With a Preliminary Permit
Only during promotional events

The correct answer is: With a Preliminary Permit

A developer can sell timeshare interests prior to project completion when they have obtained a Preliminary Permit. This permit allows developers to market and sell timeshare interests legally even if the project is not fully completed. The Preliminary Permit ensures that there are protections in place for the buyers, such as the requirement for developers to provide specific disclosures about the project and to hold funds in trust until certain conditions are met. While having a completed model unit or reaching a certain level of construction completion may seem like valid conditions for selling timeshare interests, they do not provide the legal framework required to protect consumers and facilitate sales before completion. Consequently, promotional events, while they can be a part of marketing efforts, do not govern the legality of selling unfinished projects. The Preliminary Permit is specifically designed to address the nuances of selling incomplete timeshare developments, ensuring regulatory compliance and consumer protection.