Nevada Timeshare License Practice Exam

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Failure to turn over the money received in the course of a timeshare interval sale within a reasonable time is a violation of which regulation?

NRS 119A
NRS 119B
NRS 119C
NRS 119D

The correct answer is: NRS 119A

The correct choice pertains to NRS 119A, which is the regulation that governs timeshare sales and the obligations of those involved in the transaction. This regulation specifically addresses the responsibilities of developers and agents regarding the handling of funds received during the sale of timeshare intervals. According to NRS 119A, individuals and entities must adhere to certain standards when it comes to the management and prompt turnover of funds acquired through timeshare transactions. Failure to do so is considered a violation, signaling that there are strict regulations in place to protect consumers and ensure that transactions are conducted in a timely and lawful manner. The emphasis on "within a reasonable time" reinforces the importance of expediency and accountability in financial dealings related to timeshare sales. The other regulations listed, NRS 119B, NRS 119C, and NRS 119D, cover different aspects of timeshare regulations, such as the formation of timeshare plans, disclosures that must be made to potential buyers, and the registration of timeshare resorts. While they are all part of the larger framework governing timeshares in Nevada, only NRS 119A specifically addresses the issue of financial accountability and the requirement to turn over sale proceeds in a timely manner.