Banking Depositing a week of timeshare into an exchange “bank.”

Biennial Use of a fixed week every other year. Owners are often referred to as either “odd” or “even” year owners.

Club Consumers join to obtain all aspects of their vacation needs, including travel as well as lodging for a finite term. It may or may not be tied to real estate ownership, provides the use of accommodations in multiple locations and may offer other benefits.

Developer The company owning the resort which constructs the accommodations and amenities on-site.

Exchange The system that allows timeshare owners to trade the accommodations they own for comparable accommodations or travel-related services.

Fixed week A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity.

Floating week based on fixed rotation A type of timeshare ownership in which specific weeks are rotated among owners from year to year on a fixed schedule.

Fractional ownership The selling of resort real estate in intervals of more than one week and less than whole ownership.

Home Owners Association (HOA) The group of owners that administer the rules and regulations at a resort.

Home resort Where a new owner has purchased his or her week or joined a club or point-based program.

Lock-off units A resort unit that can be split or “locked-off” into two separate units or combined to form one large unit.

Maintenance fee A fee, usually paid annually, that timeshare owners pay to cover the costs of running the resort on a day-to-day basis (upkeep and improvements).

Off-premise contact (OPC) A marketing term used to describe people who approach potential buyers at a place other than the resort and may offer an incentive (e.g., a gift or tickets to a local attraction) to attend a sales presentation to find out more about purchasing options.

Points A symbolic measurement related to a timeshare ownership that is used to establish value for seasons, unit sizes, and resort locations. Points are used by developers for both internal and external exchange.

Rescission A period of time granted by company policy and state statutes during which a person has the right to cancel a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission periods vary from state to state. Rescission rights are sometimes referred to as a “cooling-off period.”

Right to use A timeshare owner’s right to occupy a unit at a resort for a specified number of years.

Season Time distinctions into which deposited vacation time is divided based on demand. A key component of trading power, as each resort may have different seasons depending on the geographic position, etc.

Timeshare A term used to describe the right and joint ownership of a resort property (e.g., a condominium) shared with others. Each “owner” owns a certain period of time and occupies a unit of accommodation on a regular basis for a number of years. Timeshare is sometimes referred to as “Vacation Exchange,” “Holiday Ownership,” “Multi Ownership” or “Group Ownership.”

Timeshare interval Period of use typically one week.

Trading power A term used for the value assigned to a member’s deposited vacation time and to the related exchange request.

Vacation ownership A term often used to describe resort timesharing.