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?
What is included in annual fees?
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?
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
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.
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