Life Style / Time Shares Glossary

Ote (Organisation For Timeshare In Europe): A trade association in Europe composed of resort owners and developers. The OTE is similar to ARDA, but with more of an emphasis on consumer affairs.

Points: Points are units of measurement used by exchange companies and timeshare owners to establish value for seasons, sizes of units, and resort locations. Points clubs offer the owner a variety o . . . View Full Definition

Private Occupancy: The number of guests that a resort unit will accommodate, based on two adults per separate sleeping area, with private access to a bathroom.

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

Rci: Resort Condominiums International. Owned by Cendant, RCI is the largest timeshare exchange company in the world.

Red Week: The peak season at a resort during which time timeshare properties are at their most desirable. Different resorts naturally have different peak seasons.

Request Window: The 24 month time frame within which owners of timeshares may submit their vacation exchange requests.

Resale: A timeshare property being advertised for sale after it was originally purchased from a resort developer during the initial sales at that resort. Timeshare resales are typically available fo . . . View Full Definition

Rescission: A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement without penalties. Though rescission periods vary from st . . . View Full Definition

Right To Use: An alternative to a deeded timeshare, a right-to-use product is made by an owner agreement granting the owner access to the resort(s). The agreement could be perpetual or for a finite number . . . View Full Definition

Right To Use (Rtu): A lease agreement granting use of a timeshare property for a specific time period. The management company or the resort developer retains ownership of the actual physical property itself, th . . . View Full Definition

Season: Each resort will have different seasons, and this has a significant impact on the demand of any timeshare property. Since demand affects price and trading power, seasonal fluctuation of dema . . . View Full Definition

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 owner deposits a timeshare week into an exchange company's 'bank'. In the timeshare industry, 'Space banking' is synonymous with 'banking'.

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 . . . View Full Definition

Standard Exchange: A vacation exchange request made by telephone or mail for travel dates between 24 months and 45 days prior to the week of travel.

Stock Company: Resorts issue shares of ownership in the property or properties they sell. Instead of owning a deed to a property, you own shares in the company, which entitles you to vacation time each year.

Time Division: A way of classifying interval weeks as according to value, time division breaks all the weeks in a given year down into three distinct categories: high demand, medium demand, and low demand. . . . View Full Definition

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