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75 terms

Timeshare Test 1

STUDY
PLAY
Marriott Vacation Club just introduced what kind of ownership?
points
Existing Marriott Vacation Club owners will have to convert their ownership into the new program.
FALSE
Timeshare sales have increased or decreased in the United States since last year.
Decreased
At the end of the semester Dr. Kaufman accepts extra credit papers if you have a poor grade.
FALSE
Before the banking issues if you could sign your name and wanted to buy it timeshare resorts would sell it to you.
TRUE
It is a good time to buy a timeshare on the resale market.
TRUE
Vacation ownership originated in the United States.
FALSE
What company does not have a timeshare segment?
None of the above
If you own a timeshare you must always return to the same resort every year.
FALSE
What decade were timeshares created?
1960s
Wyndham is charging how much for owners to purchase guest certificates(needed for people the owner chooses to use the property/not the owner)?
$129
Wyndham currently allows owners to sell their points to other owners at no cost.
FALSE
Timeshares are a good real estate investment.
FALSE
Hyatt Vacation Club has locations in the following places
Key West, Lake Tahoe, Carmel, CA
Hyatt Vacation Club owners may redeem points for travel to participating Hyatt Hotels and Resorts.
TRUE
The tests and exams are administered in the classroom. If you are more than 10 minutes late you will not be able to take the exam.
TRUE
Timeshare owners are responsible for repairs of their resort in the case of a hurricane.
TRUE
If an owner decides to sell their timeshare it is really easy, there is a big market of people that want to buy.
FALSE
MOST people are satisfied with their time share purchase
TRUE
Owners can deed their timeshare to their friends and family
TRUE
There are less than 1,000 timeshare resorts in the United States.
FALSE
Bluegreen Resorts stock price is currently at the lowest point of the past 52 weeks
FALSE
The Middle East is an emerging timeshare market
TRUE
Most timeshares are brands.
FALSE
Vino Bello Resort is located in ....
Napa
Bluegreen Resorts have timeshare in which location?
Big Canoe, GA
Lake Lure, NC
Hershey, PA
What percentage of timeshare owners own timeshares at two resorts?
19.3%
Bluegreen's operating income from Dec 31 2006 to Dec 31 2009 has decreased by how many million?
37.6 mil
More than half of timeshares are financed through the developer
TRUE
Bluegreen Corporation gross profit decreased between 2008 and 2009
TRUE
The smallest number of timeshare projects is located where in the US?
Northeast
Most timeshare owners stated that if they were buying another timeshare that they would purchase it new through the developer
FALSE
One of the benefits of Shell Vacation Clubs is the opportunity to go on African safaris.
TRUE
One thing the California and Hawaii timeshare markets have in common is
High product costs
The timeshare industry is now heavily regulated on a state-by-state basis
TRUE
Over half of the timeshare owners live where
east coast
The most mentioned reason that people hesitate before buying a timeshare is the price
FALSE
Most timeshare owners stayed in their home resort instead of exchanging for another one in 2007.
TRUE
Timeshares are only allowed to charge maintenance fees. Special assessments that cover extra costs such as storm damage cannot be charged
FALSE
Andrew Carnegie paid Charles Schwab 1 million dollars a year to be the president of his Steel company because he knew more about steel than anybody else
FALSE
The right to use timeshare the owner gets to use a timeshare for a certain period of time, but they do not own it
TRUE
Typically, timeshares are built in phases. Construction does not begin until 50% of the property has been sold.
TRUE
Today timeshare resorts may contain as many as 1,000 units
TRUE
Openly criticizing someone never works
TRUE
Interval International allows you to receive other travel discounts with your membership (example...special rates for cruises)
TRUE
Which exchange company has resorts in Fiji
Both Interval International and RCI
Hilton Grand Vacations has resorts in Scotland
True
Time shares now include hotel rooms, yachts and castles, but the resort condominiums with pools and tennis courts still dominate
True
Does RCI have all inclusive resorts?
yes
There is no best place to own a timeshare
True
Timeshare owners must contract with the developer to manage the resort. They cannot hire outside firms
False
The Hilton Grand Vacation Club has a property in New York City
True
As soon as your week is deposited with an exchange company
you can request and get the week you want if it is available
How much can families save per day by not dining in expensive restaurants for every meal while staying at a timeshare resort and using their kitchen for some meals
$100
Lincoln never publicly criticized anyone in his life
False
A downside to owning a timeshare is that you must continue to pay the yearly maintenance fee, which can increase over the lifetime of the resort, whether you use it or not
True
Fixed week ownership means that you have the right to occupy (or have available for trade or rent) a specific week and unit number at the resort you own every year
TRUE
According to Dale Carnagie, what is the one secret to success?
get the other person's point of view and see things from that angle as well as from your own
The act of a timeshare owner in deferring the use of a timeshare interest from a given year into the next succeeding year
Banking
If a person owns a biennial timeshare they get to use it twice a year
False
All people whether they are cleaning toilets or head of a corporation what to be admired.
True
The statutorily required "cooling-off" period during which a purchaser can decide not to purchase the timeshare interest and rescind the purchase contract. How long is it in the state of Florida?
10 days
Most timeshare owners in Europe come from which country?
UK
What percentage of European owners own multiple weeks of timeshare?
Nearly 80 percent
People that...... tend to manage, teach, and sell more effectively and to raise happier children.
smile
The name given to the prospective purchaser who is acquired through an OPC effort to take a tour. Another name for qualifying tour or prospect. What is this person called?
Ups
A vacation certificate or other inducement that requires that the prospective purchaser take a tour to receive the premium. What is this called?
Hook
Everyone that purchases a timeshare purchases for the same reason
False
The transfer of use rights in a use period for a given use year into an exchange program. What is this called?
Deposit
A use period which has not been reserved by any timeshare owner prior to the commencement of the use period or a specifically defined period. It is often use by the management company for maintenance or by the management company or the developer for use in a rental program
Breakage
The marketing effort utilized in the sale of timeshare interests where the developer's marketing agent sets up an information booth or otherwise attracts prospects at areas located off of the timeshare resort premises for the purpose of taking a timeshare tour on the premises.
OPC
Between, (what country) and Florida in the United States account for 20% of the timeshare resorts
Spain
Interval International and Resorts Condominium International account for (what percentage) of the exchange programs offered by timeshare resorts
More than 90%
Timeshare owners are less likely to be married than the rest of the US population
False
A timeshare plan under which the purchaser receives a timeshare interest in the plan subject to the requirement that the purchaser contact the association or management company to reserve a specific use period in a specific unit each calendar year
Floating