Timeshare Midterm – Flashcards
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All timeshare products can be broken down to primary components
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Owner ship and how I use it
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Which is likely the most expensive?
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Condole
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Timeshare owner owing gold or platinum's exclusive rights to a specific week every year
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False
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Fixed/fixed owners generally do not need to call to reserve a vacation at their timeshare property
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True
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100 unit resort 7 days set aside for maintenance how many intervals can be sold
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5,100
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In addition to ownership a determined amount of time timeshare owners also own which of the following?
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An undivided interest in the unit furnishings
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Your timeshare contract stipulates that your interval is biennial as a result you will only be able to vation for 4 days at a time
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T/f
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Of the companies listed below which is the smallest of timeshare developers? disney
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Disney
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Based on the average price to purchase a week and the annual fees, owning timeshare for 5 years will cost approximately ?
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24,000
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Whihch of the folowing is not a form of timeshare ownership ?
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Participation contract
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The majority of vacation ownership products were sold as
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deeds
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WEEK 7 FEB 20 PRESIDENTS DAY
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FEB 20 PRESIDENTS DAY
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WEEK 20
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MAY 28 MEMORIAL DAY
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WEEK 26
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July 4THT
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WEEK 47
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THANKSGIVING
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WEEK 52
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DEC.31 NEW YEARS EVE
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Which of the following would you use to explain the lock off benefit?
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It enable the owner to use one week in the main portion and the other in the lock-off
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Rather than stay at a resort you go on a cruise, which of the following options will they use for usage this year?
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Trade their points
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Which of the following does not fit the description of the average timeshare owner
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Age 23-35
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The FTC advice for timeshare products includes understanding the obligations of purchasing a timeshare. Which of the following is not an obligation stipulated by the ftc that must be disclosed to consumers at the point of sale ?
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Resale value, how much they can get when they sell it
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WHICH OF THE FOLlowing is not a legal form of ownership in the timeshare industry
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Ownership in trust
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Agency that deals with timeshare regulation and oversight?
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FTC
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Developments magazines article on trust structure, which is not one of those benefits?
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Ease of exchange
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which of the following does not assist in lead generation?
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governance letters
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which of the following is not a typical timeshare marketing practice?
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National television advertisements
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which of the following is not a reason why the timeshare industry does not use mass marketing
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regulation varies at the state level
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Because of the efficiency of timeshare marketing efforts, there is no need to "gross up" my prospect list to allow for tours that may not show up.
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False
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Which term refers to the percentage of people who will purchase the mini vac they are offered?
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Booking rate
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Which of the following best explains what a "hooked" timeshare offer is?
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an offer that requires the prospect to attend a timeshare tour or forfeit the benefit they received from the offer, i.e., discounted price for accommodations or tickets
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Because you get an incentive when the tours that your Marketing location generates actually purchase the timeshare product, the conversion rate (how many people buy) is important to you. What is your conversion rate for the day given the following information? 50 generated from your marketing location 25 guests actually toured from your marketing location 10 purchase from your marketing location
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A: 10%
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which term refers to the percentage of people who will purchase the mini vac they are offered?
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Booking rate
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As a timeshare marketer I can determine my show rate by dividing the number of guests that showed up to tour by
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the number of guests that were scheduled to tour
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OPC representatives are paid per prospect toured
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true
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Madsen Marketing Agency worked on a direct mail campaign for Buzz Development. The developer told the marketing agency to promote a contest featuring twelve free Mercedes. When the contest winner came to claim their cars, they found the Mercedes were actually toys. Under the FTC prospect acquisition regulations:
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Buzz Development and Madsen Marketing Agency can be held responsible for unfair or deceptive practices.
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Bc of the upfront tour requirements timeshare marketers can expect that 80% of prospects will show up
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True
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Early in the sales process the most costly element in the marketing program is generally
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lead generation
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Timeshare marketing may be more appropriately referred to as
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lead generation
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The timeshare persons job is minimized since timeshare is a sought good.
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FALSE
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In timeshare marketing the conversion rate refers to
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The number of guests that signed a purchase contract in relation to the number of guests that toured
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In the timeshare sales process, whose responsibility is it to get the buyers in front of the sales executive ?
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Marketing
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Which of the following does not assist in lead generation?
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governance letters
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What is the VPG given the following information? 500 scheduled tours 80% show rate 15% net closing $20,000 average sale price
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A: 2823
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What is the channel VPG given the following information? 1,000 scheduled tours 85% show rate 20% net closing $20,000 average sale price
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20,000
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What is the correct marketing channel category for a sales prospect who is generated for Diamond Resorts International by way of an information desk in Universal Studios
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in Universal Studios is referred to as OPC
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Relative to a resorts location, which of the following are true?
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The resort should provide descriptive information on area attractions available and services on site within the immediate area for consumer use.
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Approximately what percentage of people who are offered a timeshare tour will accept the off?
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1%
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The typical price of timeshare mini vac will range from
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200-400
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Net tours is equivalent to total tours less
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No shows (tours that didn't show up)
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Using direct mail or internet, approximately what % of people who are offered a timeshare tour will accept the offer?
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0%
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The federal Do Not Call registry has had no impact on the timeshare industry.
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false
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You are working in the Call Center for Wyndham Vacation Ownership. As a part of your call to existing owners, you ask them if they are interested in learning more about the new points program that Wyndham offers. If 10 of the 100 people that you spoke to today, said "yes, they would be interested to learn more", what is the acceptance rate on the offer?
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10%
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Which is the governmental agency that primarily deals with timeshare regulation and oversight?
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FTC
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A timeshare company based in Orlando with properties only in Florida that markets to prospective buyers in New York may be regulated by laws of which state(s)?
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Fl and New York
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When considering which state laws apply to a purchaser buying timeshare located in a state other than where the purchaser lives, which state's laws will govern the transaction?
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The timeshare laws in the state where the purchase transaction occured.
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Timeshare regulation requires
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truth in advertising, purchasers protection from developer's debt, and full disclosure of project plan
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The forms of legal design for a vacation ownership resort are:
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Club membership, fee simple, right-to-use, and leasehold.
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What three federal agencies helped shape the vacation ownership industry?
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Federal Trade Commission, Securities and Exchange Commission, and the Internal Revenue Service
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The FTC's advice for timeshare purchasers includes understanding the obligations of purchasing a timeshare. Which of the following is NOT an obligation stipulated by the FTC that MUST BE disclosed to consumers at the point of purchase.
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What the resale value of the timeshare will be worth in the future
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Ethics are an important way for the industry to self regulate.
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true
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Ethics are of no interest to the timeshare industry.
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False
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The standards for ethical conduct within the timeshare industry are established by the FTC.
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False
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Developments Magazine's article on Trust structures, identified three benefits to the developer when using a trust structure. Which of the following is NOT one of those benefits?
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Ease of exchange
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Which are the two key regulations covered by the FTC?
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Unfair/deceptive acts and unfair methods of competition.
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Which of the following is not a legal form of ownership in the timehare industry?
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Points
