A Tennessee timeshare developer begins offering units at a new resort in Pigeon Forge before completing the TREC registration process, claiming the registration is 'just a formality.' Under the Tennessee Timeshare Act, which of the following best describes the developer's situation?
Correct Answer
B) The developer is in violation of the Tennessee Timeshare Act and may be subject to TREC disciplinary action
The Tennessee Timeshare Act, Tenn. Code Ann. § 66-32-101 et seq., requires timeshare projects to be registered with TREC before any sales or marketing activity begins. Offering units prior to registration is a direct violation of the Act and exposes the developer to TREC disciplinary action, including fines and cease-and-desist orders. Registration is a prerequisite, not a formality.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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