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Timeshare Glossary

A glossary of timeshare terms

Dictionary definitions of commonly-encountered timeshare terms and phrases unique to the timeshare industry. Use our glossary as a reference tool to better understand timeshare terminology.

Click a letter: 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 

Accelerated Use

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

Accrued weeks

Any unused weeks from the previous year that have been banked and are available for use this year.

Ad Valorem

A legal term which translates to "according to value". This refers to assessment of property tax.

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.

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.

Bulk Banking/Block Banking

Banking a large amount of timeshare weeks with an exchange company as soon as possible.

Bonus Time

Bonus Time is time spent at your resort that falls outside of your allocated week.

Bonus Weeks

Extra weeks offered as incentives to buyers.

Closing Costs

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

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.

Depreciation

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

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

Escrow is an account specifically set up to hold and transfer funds between a buyer and seller.

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.

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.

Fixed Unit

A Fixed Unit means that the owner has rights to the same physical unit every year.

Fixed Week

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

Floating Week

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

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.

Interval International

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

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.

Lease

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

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, 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.

Management company

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

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.

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.

Quartershare

Three-month interval ownership with a 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.

Right to use (RTU)

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

Season

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

RCI

RedHigh
WhiteMid
BlueLow


Interval International

RedHigh
Yellow/AmberMid
GreenLow


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.

Timeshare

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

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.

Trading Power

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

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.

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.

Timeshare Info

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