VA Time Share Act
The developer of a time-share must eventually transfer his fee simple interest to the owners' association. This must be performed after what percentage of the project is sold? A. 90% B. 80% C. 75% D. 50%
A. 90%
The statute of limitations as it applies to time-share properties is: A. 1 year B. 2 years C. 5 years D. 7 years
B. 2 years
The initial purchaser of a time-share estate has a statutory right to rescind a contract to purchase. How long is this rescission period? A. 5 days B. 7 days C. 10 days D. None of the above
B. 7 days
An initial time share purchaser has the right to rescind a contract without penalty. This right: A. Must be voided by the seller (developer) B. May be extended upon receipt of a revised POS C. Must be exercised within 3 days D. Must be exercised within 45 days
B. May be extended upon receipt of a revised POS
All of the following statements about time-share interests are true, EXCEPT: A. When a time-share is resold, the buyer has 5 days to rescind the contract B. The Association is required to provide a resale certificate to the buyer C. The Association may charge $100 for the resale certificate and related documents D. Once a buyer has closed a time-share contract, all rescission rights are waived
C. The Association may charge $100 for the resale certificate and related documents
Time-shares will most likely to involve: A. First-time home buyers B. Industrial projects C. Vacation property D. Elderly persons
C. Vacation property
If a purchaser of a Virginia time-share estate rescinds the contract, the developer is required to refund any monies advanced by the purchaser within: A. 7 days B. 10 days C. 30 days D. 45 days
D. 45 days
A developer advertises a time-share and offers a prize to any person visits and inspects the property. Which of the following statements is true about the advertisement? A. The advertised time-share must be fully described B. The prize must be described in detail C. The ad must disclose the date that the prize will be awarded D. The ad must include the date that the offer expires
D. The ad must include the date that the offer expires
