Accelerated Use : Accelerated use refers to a program that permits someone to use their purchased time in increasingly larger increments.

Accrued Weeks : Weeks that have accumulated from the prior year and are available for use in the current calendar year.

Affiliated Resort : A timeshare resort, or developer, that also owns resorts in other locations or has contracted with other resorts to allow owners to use their week(s) at the �affiliated� resorts. This is most common with vacation clubs.

Amenities : Features that add to the value of the property such as swimming pools, tennis courts, golf courses, boating, full kitchens, laundry facilities, etc. The more amenities a resort offers the greater the increase in value and desirability of the property.

Anniversary Date : The day on which earned points accumulate, once per year. This applies in the case of timeshare resorts offering a points system.

Appraisal : For real estate, an estimation of the worth of a given property, expressed as market value.

Appreciation : When applied to real-estate, the term "appreciation" means that the property has accrued value over time.

ARDA (American Resort Development Association) : Based in Washington, D.C., this is the foremost trade association representing the timeshare ownership and property development industries. ARDA advocates on behalf of resort owners and developers and also lobbies for the industry. ARDA was first known as the American Land Development Association, originally founded in 1969. Today, ARDA is comprised of nearly one thousand small companies and large conglomerates from all over the world.

Bank or Space bank : The term used when an owner decides to not use their allocated time for the current year. The owner can choose to �bank� their time with an exchange company to use at a future date. Typically an owner has two years to use the time once it has been banked.

Banking : Banking, when referring to timeshares, is the option to put away unused weeks, or points, to be used later.

Biennial : Usage of a timeshare week occurring every other year.

Bonus Time : Use of your resort in addition to your regular allocated time on a space available basis.

Bonus Weeks : Extra weeks offered as incentives to buyers.

Bulk Banking/Block Banking : Banking a large amount of timeshare weeks with an exchange company as soon as possible.

Camping Membership : A membership to a resort or resort community catering to campers, some of which are affiliated with national organizations providing camping locations for members in many states and other countries.

Check-In Date : The assigned date and day of week the interval week begins; usually Friday, Saturday, or Sunday. The check-in day begins the seven-day interval week. For example, if the interval week begins on Friday, the week ends on the following Friday. The interval owner (or renter) need not check in on the specific check-in day; however, late check-in does not extend the interval week beyond the scheduled checkout day.

Check-In Time : The assigned hour an interval week begins; usually 3:00 PM, 4:00 PM, or occasionally 5:00 PM prevailing time. The interval owner need not check in at the precise time; however, late check in does not extend the interval week beyond the assigned check out time. Check-out time is normally 10:00 AM or 11:00 AM prevailing time on the seventh day following check-in. [Example

Close Escrow : The time in which the purchase of a property has been completed. The completion includes the title being transferred, verified and all funds have been disbursed.

Closing Costs : Closing Costs are expenses incurred during the sale-closing process.

Club Membership : Year-round usage of resort facilities with purchase, on a space available basis.

Club/trust membership : Club/Trust Membership refers specific resort programs which allow for year-round usage of resort facilities.

Constitution : A document that establishes guidelines as to how the resort is run.

Cooling-off period : The Cooling-Off Period refers to the number of days within which a buyer may rescind his or her purchase of a timeshare property without incurring penalties.

Deed : Ownership interest providing title to your property. Fee simple.

Deeded Property : True property ownership with deed recorded in the county where the property exists. This type of property has the same rights of ownership accorded to it as other deeded real estate. The owner may sell, rent, bequeath, or giveaway the property.

Depreciation : Depreciation refers to the reduction of the value of real-estate or other property.

Developer : A company that owns and constructs the resort is known as the �developer�.

Developer's Price : Estimated developer's current or market price. Full retail price.

End-user finance : When a loan is provided to enable a buyer to purchase timeshare property.

Escritura : In Spanish, the registration and deeding process for a Deed of Title.

Escrow : A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of a property

Exchange : Exchange refers to the option to trade one timeshare week for another timeshare week.

Exchange company : Exchange Companies are third-party organizations that exist to facilitate the exchange of banked timeshare weeks.

Exchange fee : The service fee that is charged during the exchange process when using your deposited time.

Fee Simple : A type of timeshare ownership wherein the owner holds a deed in his/her name. Fee Simple is considered to be the opposite of right-to-use or lease ownership. This type of ownership continues forever; the ownership of the property can even be bequeathed to heirs.

Fee Simple : The 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 Fixed Unit means that the owner has rights to the same physical unit every year.

Fixed Unit : A time period that is fixed for each calendar year, either by date or by calendar weeks; most in numerical sequence 1-52. With a week number, your actual start date may vary slightly from year to year. Unlike a floating unit, a interval owner who owns a fixed unit at a resort will always vacation in the same physical unit each year he/she vacations at that resort. This type of ownership is particularly important if you have purchased, for example, an oceanfront property with the ocean at your door step and are not willing to vacation in an ocean-view unit. A fixed unit property assures the owner that he/she will always have the exact location and the exact unit they have purchased.

Fixed Week : A Fixed Week is a specific week during the calendar year that is usually identified by a number.

Fixed Week : Referring to the interval calendar, the purchase of a fixed week property assures the owners that they will always have the same week each year; i.e., week 26. Alternatively, an owner of a floating week may choose another week within their time division or may elect to upgrade or downgrade to another time division to meet their annual vacation schedule. Upgrading to a higher time division usually incurs an additional cost.

Floating : Your time period is defined by a season and your week period is not fixed. You reserve your time period within the appropriate season annually. Most resorts have a High, Medium, and Low Season. Owners of a floating unit at a resort may not vacation in the same physical unit each year they vacation at their home resort. Interval owners may request a specific unit and, if available for that particular week, the resort normally will honor the request.

Floating Week : A floating week may be used any time during the calendar year based on a resort's availability.

Floating Week : The purchaser of a floating week has the flexibility of scheduling their vacation interval with yearly variations in accordance with the resort's guidelines. Typically, resorts will accept requests for specific weeks by the interval owner as soon as the annual maintenance fees are paid. Therefore, the earlier the maintenance fees are paid the better the chance that the owner can pick a specific interval week.

Fractional : Multiple week ownership at the same resort--2 or more weeks of timeshare ownership for use in one calendar year.

Fractional Ownership : Fractional Ownership is a specific type of deeded vacation property ownership wherein usage and ownership are based on the division of property into shares.

Gold Crown Resort : RCI's highest rating for a resort. Similar to I.I.'s criteria for "five-star resort".

Guest Certificate : A Guest Certificate is documentation which authorizes a guest to use a timeshare exchange in lieu of the owners.

Holiday Club/Vacation Club : A Holiday Club or Vacation Club is an organization or program which provides a number of timeshare weeks to members.

Holiday Ownership : Synonymous with vacation ownership, another term for timeshare.

Home Owners Association : (HOA) A selected group of timeshare owners that determine and administer the rules and regulations at a resort.

Home Resort : The resort stated on your purchase agreement or deed that is provided by the company from which you purchased your timeshare interval.

Instant exchange : An exchange of timeshare intervals on short notice through RCI.

Internal Exchange : Internal Exchange refers to exchange of a week of vacation ownership within a particular resort network.

Interval : With respect to timeshares, the term Interval refers to a unit of usage time.

Interval : An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered sequentially

Interval Calendar : An annual calendar depicting the fifty-two or fifty-three weeks of each calendar year showing starting days of Friday to Friday, Saturday to Saturday, and Sunday to Sunday, check in dates.

Interval International : Interval International, the second largest exchange company in the world.

Kitchen Types : There are several different kitchen types found in units. Full kitchens will include at least of a sink, conventional oven and a standard size refrigerator. Mini kitchens will include the basic appliances, some of which are smaller than standard. Partial kitchens do not include all the basic appliances that are found in a full kitchen.

Lease : A Lease is an arrangement that allows for property usage in localities where deeded ownership of vacation properties is not permitted by law.

Lease : Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the right to use the property for a specified period of time; usually from 20 to 99 years. The resort developer or management company holds ownership of the physical property.

Levy : Among members of a points club, the term levy refers to administrative fees incurred by individual members. Levies can also encompass any charges the resort management may impose for use of a particular week.

Linked Agreement : A Linked Agreement is actually two agreements appearing to be separate which are, in fact, linked.

Lockout Unit : Typically, a unit which has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, he can divide the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties

Lockout, a.k.a. lock-off unit : A Lockout or Lock-off is a unit that can be divided into two or more separate sections.

Maintenance fee : A Maintenance Fee is a regular charge levied by the management company of a particular resort or the home owners association responsible for the upkeep of the property.

Maintenance Fee : Maintenance fees are established and collected by the Homeowners Association or Resort Management Company to maintain the property, pay insurance, utilities, refurbishing and taxes. These fees vary from resort to resort and with the type and size of the unit purchased.

Management company : The Management Company is a company responsible for running the resort on a day-to-day basis.

Maximum Occupancy : The maximum number of persons an interval unit will accommodate; usually from 2 to 10 persons. Maximum occupancy is typically expressed in conjunction with "private occupancy" referring to the number of persons the unit will sleep privately and the number of bedrooms within the unit. Configurations of units vary from resort to resort.

Odd or Even Year Usage : Timeshare ownership usage every other year--some odd-numbered, some even. The ownership of this type of interval is valued at one-half the value of a full ownership property since the use is restricted to one-half of the annual usage.

Odd- or even-year usage : Odd or Even Year Usage is vacation property ownership where the owner can use his or her property every other year.

OPC : Off Premise Contact is one who approaches a prospect outside of the resort grounds and may offer gifts to lure individuals or couples in to attending a sales presentation.

OTE (Organisation for Timeshare in Europe) : The Organization for Timeshare in Europe is a trade association in Europe composed of resort owners and developers.

Points : Points are a unit of measurement used by exchange companies and timeshare owners to establish value for seasons, sizes of resorts, and resort locations.

Points : Programs offered to interval owners by resorts that allow the owners choice and control over when and where they vacation or for how long or short they stay. Points are a symbolic unit of measure having no intrinsic value separate and apart from interval ownership.

Property Taxes : These may be included with the maintenance fees charged by the resort. Property taxes are regulated by the state in which the timeshare resort is located. Some states may not require property taxes to be paid on timeshare resorts, while others do.

Quartershare : Three-month interval ownership with a rotating schedule.

Quartershare : 3-month interval ownership with rotating schedule.

RCI : RCI (Resort Condominiums International) is the largest timeshare exchange company in the world.

Red Week : The term "Red Week" refers to the peak season at a resort during which timeshare properties are at their most desirable.

Resale : A Resale timeshare is a vacation property being advertised for sale after it was originally purchased from the resort developer.

Rescission : A Rescission is a grace period allowed by law and/or company policy during which a timeshare buyer has the right to cancel a purchase agreement without penalties.

Rescission period : This is the period in which a person has the right to cancel the purchase of their property and will not be penalized. When a person cancels within this time period, he or she will receive a full refund of any deposits made in connection with the purchase. The time to rescind varies from state to state. This is also known as a cooling off period.

Resort Ratings : A system of comparison of resort quality, amenities, and location. The two foremost rating systems are Resort Condominiums International (RCI), Interval International (II). RCI and II rate their affiliated resorts based upon predetermined criteria of exacting standards of quality and services provided by the resort as well as the availability of amenities at or near the resort. RCI uses the Gold Crown designation for their highest quality resorts and Resorts of International Distinction for second-level resorts. II designates their top resorts as 5-Star resorts.

Right to use (RTU) : Right to Use refers to a lease agreement granting use of a timeshare property for a specific period of time.

Right To Use (RTU) : Occupancy rights for a specified number of years, with no ownership interest in the property. Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the right to use the property for a specified period of time; usually from 20 to 99 years. The resort developer or Management Company holds ownership of the physical property. However, during the right-to-use period, the owner may rent, transfer, or bequeath the remaining years of their right-to-use property.

Season : Seasons are designated time periods throughout the year denoting usage value and/or period of ownership.

Season : Designated season of the year denoting period of ownership for exchange or usage value.

Sinking fund : A fraction of a resort's management fee that is allocated specifically to ensure that the facilities and furnishings are kept in "like new" condition.

Space Banking : Space Banking occurs when a timeshare owners deposits a timeshare week into an exchange company's "bank" or inventory in order for the option to trade for another week.

Special Assessment : In addition to a yearly maintenance fee, sometimes this additional charge is billed to timeshare owners from a management company. This charge is intended to cover expenses related to major repairs and refurbishment endeavors.

Special Assessment : A fee over and above the annual maintenance fee assessed by the resort pro rata to interval owners. This fee is, when assessed, is intended to defray expenses related to major repairs and refurbishing of resort equipment, facilities, and units

Stroman Realty, Inc. : The progressive leader of the Timeshare and Resort Property Resale Industry who provides professional service and assistance to its clients on a worldwide basis.

Time Division : Time Division is a way of classifying interval weeks according to their value. Time division breaks all the weeks in a given year down into three distinct categories: high demand, medium demand and low demand.

Time Division : A system of establishing the value of an interval week typically based upon season. For example

Timeshare : Timeshare is the concept of purchasing a recurring increment of time at a resort, condominium, apartment or other facility.

Timeshare : An ownership to a resort property or unit that is shared by others. Each owner has their own time period (typically one week) in which they can utilize the facilities, amenities, accommodations and all attributes associated with the resort. A timeshare is also known as a �second home�.

Timeshare Exchange Company : A company or organization that accepts interval weeks on deposit from it's interval members to establish a pool of weeks from which other members may select the resort and vacation times of their choice. When a member deposits their week with an exchange company, the company compares the week the depositor is asking for with weeks deposited by other members and provides a suitable match based on availability and value. Factors affecting the "trading value" are

Trading Power : Trading Power refers to the relative value of an interval week when trading for a different property through a timeshare exchange company.

Trading Power : The value assigned to one�s timeshare when deposited with the owner�s exchange company and is related to the exchanging the owner�s unit to use at another time or location.

Trustees : Trustees of a resort property exist primarily as a kind of insurance policy, in order to provide a secure backing in case a resort developer does not succeed financially.

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 or three or more bedroom units are usually condominium style accommodations and feature a partial or full kitchen and other living areas.

Vacation Clubs : A type of ownership where an owner belongs to a club that includes several timeshare locations and is usually set up as a point based program. This allows an owner to do an internal exchange within the resort system they purchased to use at another location without paying exchange fees.

Vacation Ownership : Synonymous with "timeshare"

Week Fifty-Three : Week Fifty-Three is generally reserved for the exclusive use of the resort developer or other important member or Trustee.