Nevada Timeshare License Practice Exam

Which entity oversees the trust account for timeshare resale brokers in Nevada?

1. Real estate division

2. Homeowners Association

3. State treasury

4. Local government

The correct answer is: Real estate division

The Real Estate Division is the entity responsible for overseeing trust accounts for timeshare resale brokers in Nevada. This division operates under the Nevada Department of Business and Industry and has the authority to regulate and enforce laws related to real estate transactions, including those involving timeshares. Trust accounts are critical in protecting the funds received from clients for resale transactions, ensuring that the money is handled appropriately and safeguarded until it is needed for the transaction. The Real Estate Division monitors these accounts to ensure compliance with state regulations, thus maintaining consumer protection within the timeshare market. In contrast, the other options do not have the same oversight role. Homeowners Associations typically manage community-related issues but do not oversee financial practices of resale brokers. The state treasury administers public funds but is not specifically tasked with managing trust accounts for this sector. Local governments may have various regulatory powers, but they generally do not oversee commercial entities at this level.