Florida Timeshare Laws chapter 11

Which one of the following is NOT a provision of F.S. 721?

• Establish procedures for the creation, sale, exchange, promotion, and operation of timeshare plans

• Provide full and fair disclosure to the purchasers and prospective purchasers of timeshare plans

• Give statutory recognition to personal property timeshares sold in other states but operating in Florida

• Recognize that the tourism industry in this state is a vital part of the state’s economy

What is an example of a personal property timeshare?

• A condominium with 48 townhomes

• A timeshare with a mid-rise apartment complex and a neighboring single-family complex

• An undivided-interest campground with 50 separate campsites

• A cruise ship

Fill in the blanks. F.S. 721 applies, with some exceptions, to all timeshare plans that consist of more than _____ timeshare periods over a period of at least _____ years in which accommodations and facilities are located within Florida or offered for sale within Florida.

If a prospective buyer’s total financial obligation is less than or equal to _____ during the entire plan, the timeshare is exempt from F.S. 721.

Which statement is CORRECT when a timeshare plan is subject to both F.S. 721 and F.S. 718 or 719?

• The plan must comply with all the provisions of both statutes.

• The plan must comply with the provisions of both statutes as advised by its attorney.

• The plan must comply with Part VI of F.S. 718 and 719 relating to conversions.

• In the event of a conflict between F.S. 721 and F.S. 718 or 719, F.S. 721 shall prevail.

The description of a timeshare plan must include all of the following, EXCEPT:

• Apportionment of common expenses

• Identification of the managing entity

• Number of units and timeshare periods

• Duration of the plan

Which statement is CORRECT about reservation systems and programs?

• They may be considered a trade secret by the developer.

• They must be spelled out in the public offering statement.

• They must be disclosed in all advertising materials.

• They are required for every timeshare program, whether in Florida or outside of Florida.

A managing entity must include in its budget all of the following, EXCEPT:

• Insurance

• Fees payable to the secretary of state

• Management fees

• Security provisions

Documents that the developer must provide to a purchaser include which of the following?

• Copies of exhibits filed with the Bureau of Timeshares within DFCTSMH

• A copy of the public offering statement approved by the DFCTSMH

• A copy of F.S. 721, with applicable references highlighted

• A receipt of the purchase acknowledged for the purchaser's records

Which of the following is defined by F.S. 721 as the person or entity who operates or maintains the timeshare plan?

• The managing entity

• The manager or management company

• The CAM or CAB

• The timeshare manager or timeshare management company