Life Style / Time Shares Glossary

Guest Certificate: Documentation provided by an exchange company usually affiliated with a resort. This document authorizes a guest to use a timeshare exchange in lieu of the owners.

Holiday Club-Vacation Club: An organization which provides a number of timeshare weeks to members. In some parts of the world these organizations may not be covered by laws regulating timeshare sales. For this reason c . . . View Full Definition

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

Homeowners Association (Hoa): Timeshare developments are often structured like any condominium association, with a Homeowner's Association (HOA) comprised of all owners, and a management company hired by the HOA to manag . . . View Full Definition

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

Instant Exchange: A vacation exchange conveniently made by telephone for travel dates within the next 2 to 45 days.

Internal Exchange: An exchange of a week of vacation ownership within the same resort or a network of resorts owned by the same company.

Interval: This term refers to a unit of time. For instance, one week of timeshare ownership is an interval week. An interval week is usually assigned a number (1-52 or 53) depending on where in the ye . . . View Full Definition

Lease: In localities where the deeded ownership of vacation properties is not permitted by law, it is standard practice for a resort developer or a management company to lease timeshare properties. . . . View Full Definition

Leased Or Certificate Property: The right to use your timeshare for a specified number of years. Certain resorts may allow for accelerated usage, which means that you'll have a specified number of weeks that you may use, b . . . View Full Definition

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 . . . View Full Definition

Life Property: A membership that allows usage each year for the owner's lifetime.

Linked Agreement: Two agreements, appearing to be separate, which are in fact linked. For example, in areas where laws prohibiting the taking of deposits on timeshare property exist, the buyer may be presente . . . View Full Definition

Lockout, A.K.A. Lock-Off Unit: A timeshare property which can be divided into two complete sections so that two different parties may occupy either half at the same time.

Maintenance Fee: A regular charge levied by the management company of a particular resort or the homeowners association responsible for the upkeep of the property. This fee generally also covers taxes, utili . . . View Full Definition

Management Company: A company responsible for running a resort on a day-to-day basis, often contracted to do so by the homeowners association. Frequently, the resort developer will have a controlling interest i . . . View Full Definition

Maximum Occupancy: The Maximum number of guests that a timeshare unit will accommodate.

Odd- Or Even-Year Usage: Biennial vacation property ownership where the owner can use his/her property every other year, termed either odd- or even-year depending upon the years when the interval week(s) are used. F . . . View Full Definition

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