The Ultimate Timeshares Quiz
by Staff
You've heard of the attractive potential of timesharing and it sounds too good to be true. Imagine that -- a week's vacation in Florida every year at very little cost. Can anything go wrong? Is it a no-fail deal? Find out with this quiz.

When you buy real estate through timeshare, you:

  • pay at a discounted price
  • pay for the property
  • pay a share of the price

Where are most North American timeshare resorts located?

  • Arizona, Pennsylvania and North Dakota
  • Colorado, Florida and Mexico
  • Maryland, Ohio and Cuba

Who introduced the concept of timeshares?

  • a property manager in Hong Kong
  • a vacation planner in Hawaii
  • a resort developer in France

What is the minimum price for a used timeshare?

  • 1500
  • 3500
  • 5000

What is included in annual fees?

  • lawyer's fees
  • maintenance
  • travel costs

Who foots the bill if significant renovations are conducted on the timeshare property?

  • Your original cost covers any such eventuality from the outset.
  • The property developer pays.
  • Each shareowner pays his share.

Under one type of system, you can purchase a share during a particular season at a resort. What system might this be?

  • timeshare swapping
  • flex plan
  • points system

The points system takes into account the time of year and the room/suite size. The greater the demand for a particular time of year,:

  • the fewer points it will cost you
  • the more the room size increases
  • the more points it will cost you

What does timeshare swapping allow you to do?

  • to swap one location for another, provided you find a willing shareowner
  • to swap one time slot with another shareowner
  • both of the above

Who can help you find a suitable swapping partner?

  • an exchange company
  • a travel agent
  • your spouse

Are you allowed to rent out your timeshare property?

  • No, this goes against the timeshare terms and conditions.
  • Yes, and you can more-or-less set the cost and terms of rental freely.
  • Yes, but you cannot set your own terms.

Why is it inadvisable to buy a timeshare as an investment?

  • because you rarely make a profit on a resale
  • because the outlay is prohibitive
  • because it is illegal to resell your share anyway

In Florida it might become illegal to mention _____ in a timeshare sales pitch.

  • "affordable deal"
  • "resale profit"
  • "investment opportunity"

What is the end result of thousands of resorts and millions of shares on the market?

  • It's very difficult to decide which timeshare to buy.
  • Timeshares are cheap.
  • Timeshares lose their value.

If you want to sell a timeshare, how can you indicate in your ad that there is no broker involved?

  • by using the words "broker-free deal"
  • by using the words "for sale by owner"
  • by using the words "private sale/no broker"

How can you check the credentials of a broker?

  • Check with the Better Business Bureau.
  • Check with the Federal Bureau of Investigations.
  • Check with the Broker Bureau of North America.

It isn't easy to figure out the appropriate market rate for your timeshare. What can you do about it?

  • Ask a loyal friend to advise you.
  • Take an educated guess and hope for the best.
  • Get help from timeshare appraisal services.

What is the key to avoiding a timeshare scam?

  • not reading the fine print
  • not making impulsive decisions
  • not restricting your purchase to your home country

Why might you need an escrow service when buying timeshare?

  • to hold your money until the timeshare has been built and all conditions met
  • to transfer your money from your bank account to that of the timeshare seller
  • to press the seller for a discount if you pay on time

What's your best assurance that your timeshare will be suitably maintained throughout the year?

  • an honest handshake that this issue will be dealt with responsibly
  • an insurance policy to cover maintenance
  • a written contract concerning this point