Timeshare Glossary

We have put together a list of the most common Timeshare terms in connection with use, ownerships and types of ownership If you have any questions please feel free to contact us

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.

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.

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.

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.

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.

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

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.

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.

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
  • Red High
  • White Mid
  • Blue Low

Interval International

    • Red High
    • Yellow/Amber Mid
    • Green Low

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.

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

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