T.C.A. § 66-32-102 Part Definitions

• Library: Tennessee Statutes
• Edition: 2023
• Currency: Current through Acts 2023-2024, ch. 488, and 2023EX1, ch. 4
• Year: 2023
• Citation: T.C.A. § 66-32-102

As used in this part and part 2 of this chapter, unless the context otherwise requires:

(1) "Acquisition agent" means a person who by means of telephone, mail, advertisement, inducement, solicitation or otherwise attempts directly to encourage any person to attend a sales presentation for a time-share program;

(2) "Advertise" or "advertisement" means any written, printed, verbal or visual offer by an individual or general solicitation;

(3) "Commission" means Tennessee real estate commission, which is an agency created under § 62-13-201;

(4) "Component site" means a specific geographic site at which certain time-share accommodations and facilities are located. If permitted under applicable law, separate phases that are operated as a single development in a particular geographic location and under common management shall be deemed a single component site;

(5) "Developer" means, in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. This definition does not include a person acting solely as a sales agent;

(6) "Development," "project," or "property" means all of the real property subject to a project instrument, and containing more than one (1) unit;

(7) "Exchange agent" means a person who exchanges or offers to exchange time-share intervals in an exchange program with other time-share intervals;

(8) "Managing agent" means a person who undertakes the duties, responsibilities, and obligations of the management of a time-sharing program;

(9) "Offering" means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval within a project located either within or outside the state. Any offering of a time-share interval which is not located in this state shall not be an offering if the developer shall submit appropriate documentation satisfactory to the commission that the time-share program is in compliance with the law of the jurisdiction in which the time-share interval is located and such law is as stringent as this part;

(10) "Person" means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof;

(11) "Project" - See "Development";

(12) "Project instrument" means one (1) or more recordable documents applicable to the whole project by whatever name denominated, containing restrictions or covenants regulating the use, occupancy or disposition of an entire project, including any amendments to the document, but excluding any law, ordinance, or governmental regulation;