Nevada Timeshare License Practice Exam

What statement must be printed above a purchaser's signature line in a timeshare contract?

1. Purchase is final and non-refundable

2. The purchaser must agree to terms

3. The purchaser of a timeshare may cancel until midnight of the fifth calendar day

4. The agreement is valid upon signing

The correct answer is: The purchaser of a timeshare may cancel until midnight of the fifth calendar day

The correct statement that must be printed above a purchaser's signature line in a timeshare contract is that the purchaser of a timeshare may cancel until midnight of the fifth calendar day. This requirement is in accordance with the laws governing timeshare sales, which often provide consumers with a specific timeframe to reconsider their purchase. This cancellation period is designed to protect buyers from high-pressure sales techniques and allows them the opportunity to review their decision without penalty. Including this statement above the signature line reinforces the buyer's right to cancel, ensuring they are fully aware of their options before finalizing the agreement. This transparency is critical in the timeshare industry, where potential buyers can feel rushed or uncertain during the purchasing process. By highlighting their right to cancel within this period, the contract supports informed decision-making and consumer protection. The other options, while relevant to aspects of contracts and purchases, do not specifically reflect the legal consumer protections required in timeshare transactions within Nevada, making them less pertinent in this context.