Under the Tennessee Timeshare Act, Tenn. Code Ann. § 66-32-101 et seq., which of the following is NOT a requirement imposed on timeshare developers or salespersons in Tennessee?
Correct Answer
D) Timeshare contracts must be approved by the Tennessee Attorney General before execution
The Tennessee Timeshare Act does not require timeshare contracts to be reviewed or approved by the Tennessee Attorney General before execution. This is not a requirement under Tenn. Code Ann. § 66-32-101 et seq. The Act's requirements focus on TREC registration, real estate licensure for salespersons, mandatory disclosures, and the five-day buyer rescission right.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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