During a timeshare sales presentation in Knoxville, Tennessee, a salesperson tells a prospective buyer: 'If you don't sign today, this price won't be available tomorrow.' The buyer signs the contract that evening but regrets the decision the next morning. The buyer sends a rescission notice by email to the resort six days after signing, believing the five-day period runs from the day after signing. Under the Tennessee Timeshare Act, which outcome is most accurate?
Correct Answer
B) The rescission is untimely; the five-day period runs from the date of signing, and the sixth day falls outside the statutory window
Under the Tennessee Timeshare Act, Tenn. Code Ann. § 66-32-114, the five-day rescission period runs from the date the contract is signed — not from the day after signing. If the buyer signed on Day 1, the rescission window closes at the end of Day 5. Sending the rescission notice on Day 6 falls outside the statutory period, making the rescission untimely. High-pressure sales tactics, while potentially actionable under other consumer protection laws, do not automatically extend the statutory rescission window under the Timeshare Act.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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