 Search the Frequently Asked Questions Section |
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| Word |
Description |
| Banking |
Depositing a week of timeshare into an exchange “bank.” |
| Biennial |
Use of a fixed week every other year. Owners are often referred to as either “odd” or “even” year owners. |
| Club |
Consumers join to obtain all aspects of their vacation needs, including travel as well as lodging for a finite term. It may or may not be tied to real estate ownership, provides the use of accommodations in multiple locations and may offer other benefits.
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| Developer |
The company owning the resort which constructs the accommodations and amenities on-site. |
| Exchange |
The system that allows timeshare owners to trade the accommodations they own for comparable accommodations or travel-related services. |
| Fixed week |
A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity. |
| Floating week based on fixed rotation |
A type of timeshare ownership in which specific weeks are rotated among owners from year to year on a fixed schedule.
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| Fractional ownership |
The selling of resort real estate in intervals of more than one week and less than whole ownership.
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| Home Owners Association (HOA) |
The group of owners that administer the rules and regulations at a resort. |
| Home resort |
Where a new owner has purchased his or her week or joined a club or point-based program. |
| Lock-off units |
A resort unit that can be split or “locked-off” into two separate units or combined to form one large unit. |
| Maintenance fee |
A fee, usually paid annually, that timeshare owners pay to cover the costs of running the resort on a day-to-day basis (upkeep and improvements). |
| Off-premise contact (OPC) |
A marketing term used to describe people who approach potential buyers at a place other than the resort and may offer an incentive (e.g., a gift or tickets to a local attraction) to attend a sales presentation to find out more about purchasing options.
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| Points |
A symbolic measurement related to a timeshare ownership that is used to establish value for seasons, unit sizes, and resort locations. Points are used by developers for both internal and external exchange.
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| Rescission |
A period of time granted by company policy and state statutes during which a person has the right to cancel a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission periods vary from state to state. Rescission rights are sometimes referred to as a “cooling-off period.” |
| Right to use |
A timeshare owner’s right to occupy a unit at a resort for a specified number of years. |
| Season |
Time distinctions into which deposited vacation time is divided based on demand. A key component of trading power, as each resort may have different seasons depending on the geographic position, etc. |
| Timeshare |
A term used to describe the right and joint ownership of a resort property (e.g., a condominium) shared with others. Each “owner” owns a certain period of time and occupies a unit of accommodation on a regular basis for a number of years. Timeshare is sometimes referred to as “Vacation Exchange,” “Holiday Ownership,” “Multi Ownership” or “Group Ownership.”
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| Timeshare interval |
Period of use typically one week. |
| Trading power |
A term used for the value assigned to a member’s deposited vacation time and to the related exchange request. |
| Vacation ownership |
A term often used to describe resort timesharing. |
