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Glossary of Timeshare Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Accrued Weeks
Weeks “banked” from the prior year, which are available for use in the current calendar year.

Amenities
Features adding to the value of the property such as swimming pools, tennis courts, golf courses, spas, boating, fitness centers and laundry facilities.

Annual
Use of a vacation week, fixed or floating, every year.

ARDA (The American Resort Development Association)
Main timeshare industry trade association in the United States – provides advocacy, public relations and education services in support of the industry.

Banking
Placement of a timeshare week into an exchange deposit.

Biennial
Use of a week every other year. Owners are often referred to as either “odd” or “even” year owners.

Blue Monday/Tuesday
Owners have 48 hours from their scheduled check-in day to either check in or notify the resort that they are arriving late. Should the owner not notify the resort and not check in by the end of that 48 hours, the resort has the right to release the balance of the owner’s week. This revenue goes to the HOA, which helps offset costs and make full use of available space. The owner does not receive any compensation for this week.

Bonus Time
Use of the resort in addition to the regular allocated time on a space space-available basis. This program allows owners to RENT nights at their HOME resort for a reduced rental rate on a space-available basis. These additional rental nights can be requested no more than an average of 21 days in advance.

Capital Reserves
This portion of the maintenance fee is placed in a separate account to cover major expenses which are not part of the day-to-day expenses. Board approval is required for all capital reserve expenses (for example, new carpet, furnishings, etc.)

C.A.R.E. (Cooperative Association of Resort Exchangers)
A trade association established in 1985 comprised of resort developers, independent exchange companies, management companies, travel clubs and resort service companies.

Check-In Date
The assigned date and day of week the interval week begins.

Check-In Time
The assigned hour an interval week begins.

Day Use
Use of the home resort's facilities on a daily basis without staying overnight.

Developer
Company that owns the resort, which constructs the accommodations and amenities on-site.

Developer Bonus Week (DBW)
A Developer Bonus Week (DBW) is available to members who own at participating resort. These bonus weeks are issued directly from the resort, often issued as a signing bonus upon the purchase of a timeshare interval.

Exchange
The system that allows timeshare owners to trade the accommodations they own for comparable accommodations or travel-related services.

Exchange Company
A company or organization that accepts timeshare weeks on deposit from its interval owners/members to establish a pool of weeks from which other members may select the resort and vacation times of their choice.

Fee Simple
Preferred type of real estate ownership. This type of interval ownership is the opposite of Right-to-Use or lease ownership and continues forever. The owner holds a deed in his/her name, and the ownership of the property can be bequeathed to heirs.

Fixed Unit
A specific unit number, as listed on a grant deed. This is the specific unit owners will occupy during their use week.

Fixed Week
A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity.

Floating
Time period is defined by a season, and the week period is not fixed. The time period is reserved within the appropriate season annually or biennially.

Float Unit
Owners of a floating unit at a resort may not vacation in the same physical unit each year, but it can be requested. The owner will however, vacation in the same unit type (i.e. studio, one bedroom, two bedroom)

Fractional Ownership
The selling of resort real estate in intervals of more than one week and less than whole ownership.

HOA (Home Owners Association)
The group of owners that administer the rules and regulations at a resort.

Home Resort
The resort where a new owner has purchased his or her week, or joined a club or point-based program.

II (Interval International)
The second largest exchange company in the world, owned by IAC/Interactive Corp.

Interval
Period of use, typically one week.

Lock-off Units
A resort unit that can be split 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).

Maintenance Week
A service period in which one week per year is reserved by the HOA in order to complete any necessary repairs and maintenance.

Management Company
The company contracted, usually by the Owners Club/HOA, to carry out all the day-to-day management of the resort. Very often owned or controlled by the developer.

Maximum Occupancy
The maximum number of persons an interval unit will accommodate.

Odd or Even Year Usage
Timeshare ownership usage every other year – some odd, some even. Same as biennial usage.

Owner Referrals
Resorts that are in active sales often have special vacation promos offered through their current owners. The owners are encouraged to submit referrals and will receive various incentives from the resort for leads.

Points
A symbolic measurement related to timeshare ownership that is used to establish value for seasons, unit sizes, and resort locations. Points are used by some developers for both internal and external exchange.

Property Taxes
A percentage of the property purchase price, billed differently at each resort. Property taxes may be included in a yearly maintenance fee bill, or may be billed separately by the county of your home resort.

RCI (Resort Condominiums International)
The largest exchange organization in the world, owned by Cendant Corp.

ResorTime.com
ResorTime.com is a leader in timeshare resort rental reservations. ResorTime.com lets consumers worldwide book affordable, luxury resort condos at hundreds of popular locations throughout North America in just three clicks. Reservations are made through a dynamic, interactive travel site, or through a Resort Reservations call center. No timeshare tours are required. ResorTime.com is located at 5900 Pasteur Court, Carlsbad, California 92008, (877) 477- 7368.

Resort Ratings
A system of comparison of resort quality, amenities, and location.

Right to Use
A timeshare owner’s right to occupy a unit at a resort for a specified number of years; lease ownership.

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 geographic position.

Space Banking
Depositing a week of owned timeshare with an exchange company.

Split Week
Some exchanges and home resorts allow owners to split an interval week into three- and four-day visits for an additional fee.

Timeshare
A term used to describe the right and joint ownership of a resort property (e.g. a condominium) shared with owners. 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.”

Trading Power
A term used for the value assigned to a member’s deposited vacation time and to the related exchange request, determined by the exchange companies.

Unit Size
Normally expressed as hotel unit, studio unit, and efficiency unit, or by number of bedrooms. Hotel units, studio units and efficiency units typically are a single room with sleeping accommodations and perhaps a small built-in kitchen and sleep from two to four persons. One, two and three-or-more bedroom units are usually condominium-style accommodations and feature a partial or full kitchen and other living areas.

Use Week Calendar
A yearly calendar that shows the exact dates that correspond to your interval week number.

Vacation Ownership
A term often used to describe resort timesharing.


Timeshare terms courtesy of the American Resort Development Association and The Timeshare Beat. For more
information on the American Resort Development Association, visit www.arda.org. For more information on The Timeshare
Beat, visit www.timesharebeat.com.

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