A Tennessee timeshare buyer has validly exercised the statutory five-day right to rescind a purchase contract. Under the Tennessee Timeshare Act, which of the following actions by the developer would NOT violate the Act?
Correct Answer
C) Promptly refunding all payments made by the buyer, including the deposit and any fees paid at signing
Promptly refunding all payments made by the buyer upon receipt of a valid rescission notice is exactly what the Tennessee Timeshare Act, Tenn. Code Ann. § 66-32-114, requires. This action fully complies with the statute. The developer has no right to retain any portion of the buyer's payment or impose conditions on the refund when a valid rescission is exercised within the five-day window.
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Related Topics & Key Terms
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The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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