If you are new to the idea of timesharing, or even if you're not, there may be some terms you are not familiar with. The following glossary defines many of the `hot words' used in the timesharing industry.

Accrued Weeks: Weeks that have accumulated from the prior year and are available for use in the current calendar year.

Affiliated Resort: a timeshare resort that has contracted with an exchange company to provide exchange benefits to its owners. Timeshare owners at affiliated resorts can join RCI and II and exchange their vacation week(s) for week(s) at another affiliated resort.

Amenities: Features that add to the value of the property such as swimming pools, tennis courts, golf courses, boating, full kitchens, laundry facilities, etc. The more amenities a resort offers the greater the increase in value and desirability of the property.

Blue Time:  Vacation time that is less highly demanded by RCI members than White Time or Red Time.

Bonus Time: Use of your resort in addition to your regular allocated time on a space available basis.

Camping Membership: A membership to a resort or resort community catering to campers, some of which are affiliated with national organizations providing camping locations for members in many states and other countries.

Check-In Date: The assigned date and day of week the interval week begins; usually Friday, Saturday, or Sunday. The check-in day begins the seven-day interval week. For example, if the interval week begins on Friday, the week ends on the following Friday. The interval owner (or renter) need not check in on the specific check-in day; however, late check-in does not extend the interval week beyond the scheduled checkout day.

Check-In Time: The assigned hour an interval week begins; usually 3:00 PM, 4:00 PM, or occasionally 5:00 PM prevailing time. The interval owner need not check in at the precise time; however, late check in does not extend the interval week beyond the assigned check out time. Check-out time is normally 10:00 AM or 11:00 AM prevailing time on the seventh day following check-in. [Example: check-in on Saturday at 4:00 PM and check-out on the following Saturday at 10:00 AM].

Closing Costs: Those costs associated with the closing process; usually including: deed preparation or transfer of equity for right-to-use properties, recording costs, escrow fee, and administrative fees.

Clubs:  A multi-site group of resorts normally offering an interval exchange to other member resorts and often an option of unit sizes.

Comment Card, RCI and II:  Provided to RCI and II exchange guests to evaluate their vacation experience at an RCI or II-affiliated resorts. A resort's Comment Card scores play a role in determining the Trading Power for owners at that resort.

Confirmed Exchange: The vacation time and unit that you agree to accept from your exchange company in exchange for the vacation time you deposited into the space banked Pool.

Deed: Ownership interest providing title to your property. Fee simple.

Deeded Property: True property ownership with deed recorded in the county where the property exists. This type of property has the same rights of ownership accorded to it as other deeded real estate. The owner may sell, rent, bequeath, or giveaway the property.

Developer's Price: Estimated developer's current or market price. Full retail price.

ENDLESS VACATION® Magazine: A bimonthly publication exclusively for RCI members that provides informative, practical vacation ideas for timeshare owners, including a feature that mentions specific timeshare resorts with available exchange space.

ENDLESS VACATION® Directory of Resorts:  A biannual publication featuring RCI-affiliated resorts that are available to members for exchange purposes.

Exchange Confirmation: The written notice informing you that your exchange has been confirmed and that resort accommodations have been reserved for your use.

Exchange Fee: The exchange service fee that is payable to your exchange company upon making your exchange request.

Exchange Request: Your request of  resort choices, to be fulfilled with a resort unit from the exchange company space banked pool that has comparable Trading Power.

Escrow: A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of a property

Exchange: The process of trading an interval week at one resort for an interval week at another resort or trading a specific week at the home resort for another week at the same resort. The exchange system allows an interval owner to trade their week with other interval owners thereby allowing each owner to travel and vacation throughout the world.  The system that allows timeshare owners to trade the accommodations they own for comparable accommodations that have been deposited by other members into the space bank pool.

Exchange Company: A company or organization that accepts interval weeks on deposit from it's interval members to establish a pool of weeks from which other members may select the resort and vacation times of their choice. When a member deposits their week with an exchange company, the company compares the week the depositor is asking for with weeks deposited by other members and provides a suitable match based on availability and value. Factors affecting the "trading value" are: the resorts' rating, the time division; i.e., prime time versus low time, the size of the unit desired, etc.

Fair Exchange Policy:  RCI's policy of ensuring that its members receive equitable vacation exchanges for their deposited vacation time. Fair exchange is determined by certain criteria, including the season owned, unit configuration, ratings from RCI members who have vacationed at the resort and supply and demand.

Fixed Week: A type of timeshare ownership in which the owner knows the specific week(s) of ownership.

Floating Week Based on Fixed Rotation: A type of timeshare ownership in which specific weeks rotate among owners from year to year on a fixed schedule.

Floating Week Based on Ownership Rotation: A type of timeshare ownership in which the owner purchases week(s) and works out the appropriate vacation time with the other owners on a rotating basis each year.

Fractional Ownership Interest: Less than owning the whole resort accommodation and usually greater than one-fifteenth, but usually more than one-quarter interest. Generally the fee title is given to the purchaser.

Full Kitchen: Kitchen facilities that include a standard refrigerator, sink, and a conventional oven.

Fee Simple: The preferred type of real estate ownership. This type of interval ownership is the opposite of Right-to-Use or lease ownership and continues forever. The owner holds a deed in his/her name and the ownership of the property can be bequeathed to heirs.

Fixed Unit: A time period that is fixed for each calendar year, by date or by calendar weeks; most in numerical sequence 1-52. With a week number, your actual start date may vary slightly from year to year. Unlike a floating unit, a interval owner who owns a fixed unit at a resort will always vacation in the same physical unit each year he/she vacations at that resort. This type of ownership is particularly important if you have purchased, for example, an oceanfront property with the ocean at your door step and are not willing to vacation in an ocean-view unit. A fixed unit property assures the owner that he/she will always have the exact location and the exact unit they have purchased.

Fixed Week: Referring to the interval calendar, the purchase of a fixed week property assures the owners that they will always have the same week each year; i.e., week 26. Alternatively, an owner of a floating week may choose another week within their time division or may elect to upgrade or downgrade to another time division to meet their annual vacation schedule. Upgrading to a higher time division usually incurs an additional cost.

Floating: Your time period is defined by a season and your week period is not fixed. You reserve your time period within the appropriate season annually. Most resorts have a High, Medium, and Low Season. owners of a floating unit at a resort may not vacation in the same physical unit each year they vacation at their home resort. Interval owners may request a specific unit and, if available for that particular week, the resort normally will honor the request.

Floating Week: The purchaser of a floating week has the flexibility of scheduling their vacation interval with yearly variations in accordance with the resort's guidelines. Typically, resorts will accept requests for specific weeks by the interval owner as soon as the annual maintenance fees are paid. Therefore, the earlier the maintenance fees are paid the better the chance that the owner can pick a specific interval week.

Fractional: Multiple week ownership at the same resort--2 or more weeks of timeshare ownership for use in one calendar year.

Gold Crown Resort, RCI - A select number of RCI-affiliated resorts that have attained the highest level of excellence in resort accommodations and hospitality.

Green Time:  Vacation time that is less highly demanded by II members than Yellow Time or Red Time.

Guest Certificate, RCI - An RCI member benefit that enables you to give an exchange confirmation to friends or family who are not RCI members for an additional fee.

Home Resort: The resort at which you own your vacation time, or a resort at which you are assigned vacation time to deposit for the purpose of exchange.

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

Host Resort: The resort to which you travel on a vacation exchange.

Interval: An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered sequentially: Week 01 through Week 52 or Week 53. A specific interval week is a seven-day period encompassing one of those fifty-two weeks.

Interval Calendar: An annual calendar depicting the fifty-two or fifty-three weeks of each calendar year showing starting days of Friday to Friday, Saturday to Saturday, and Sunday to Sunday, check in dates.

Instant Exchange: A type of exchange available through RCI from 2 to 45 days before the travel date. Certain fair exchange restrictions are waived.

Internal Exchange: A member's exchange to his home resort at a different time than the time owned by - or assigned to - the member.

Lease: Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the leasor the right to use the property for a specified period of time; usually any period from 12 to 99 years. Ownership of the physical property is held by the resort developer or management company.

Lockout Unit: Typically, a unit which has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, they can divide the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties. Or, they stay in one half and exchange the other half to other properties worldwide. They can even rent one half and exchange the other.  The choices are yours!

Maintenance Fee: Maintenance fees are established and collected by the Homeowners Association or Resort Management Company to maintain the property, pay insurance, utilities, refurbishing and taxes. These fees vary from resort to resort and with the type and size of the unit purchased.

Mini-Kitchen: Kitchen facilities that feature the basic appliances found in a full kitchen, although they may be smaller than standard size.

Maximum Occupancy: The maximum number of persons an interval unit will accommodate; usually from 2 to 10 persons. Maximum occupancy is typically expressed in conjunction with "private occupancy" referring to the number of persons the unit will sleep privately and the number of bedrooms within the unit. Configurations of units vary from resort to resort.

Odd or Even Year Usage: Timeshare ownership usage every other year--some odd-numbered, some even. The ownership of this type of interval is valued at one-half the value of a full ownership property since the use is restricted to one-half of the annual usage.

Points: Programs offered to interval owners by resorts which allow the owners choice and control over when and where they vacation or for how long or short they stay. Points are a symbolic unit of measure having no intrinsic value separate and apart from interval ownership. a symbolic measurement related to a vacation club ownership used to establish value for seasons, unit sizes, and resort locations.

Partial Kitchen: Kitchen facilities that do not feature all of the basic appliances found in a full kitchen.

Private Occupancy: Refers to the number of persons that a resort unit may accommodate, based on two adults per private sleeping area.

Quartershare: 3-month interval ownership with rotating schedule.

Resort Ratings: A system of comparison of resort quality, amenities, and location. The two foremost rating systems are Resort Condominiums International (RCI), Interval International (II). RCI and II rate their affiliated resorts based upon predetermined criteria of exacting standards of quality and services provided by the resort as well as the availability of amenities at or near the resort. RCI uses the Gold Crown designation for their highest quality resorts and Resorts of International Distinction for second-level resorts. II designates their top resorts as 5-Star resorts.

RCI Travel:  RCI's full-service travel agency that operates exclusively for RCI members.

Red Time: Vacation time that is most highly demanded by timeshare owners in both the RCI and II exchange programs. (See: Seasonal Designations)

Resort Consultants: The progressive leader of the Timeshare and Resort Property Resale Industry who provides professional service and assistance to its clients on a worldwide basis.  800-555-1353

Resort Information Sheets: Information that is sent to you upon confirmation of your vacation exchange to a host resort. These information sheets include important details such as directions to the resort, resort amenities, unit amenities and area attractions you may wish to visit while on vacation there.

Resort of International Distinction (RID): Resorts that have achieved excellence in providing outstanding resort vacation experiences for RCI exchange guests are given this award. Such resorts have met exacting quality and service standards. The next highest ranking to RCI Gold Crown.

Right To Use (RTU): Occupancy rights for a specified number of years, with no ownership interest in the property. Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the lessor the right to use the property for a specified period of time; usually from 20 to 99 years. The resort developer or Management Company holds ownership of the physical property. However, during the right-to-use period, the owner may rent, transfer, or bequeath the remaining years of their right-to-use property.

Season: Designated season of the year denoting period of ownership for exchange or usage value.

Seasonal Designations:  Time distinctions into which deposited vacation time is divided based upon demand. Red = Greater Demand; White/Yellow = Average Demand; Blue/Yellow = Lesser Demand.

Spacebanked:  The pool of all vacation time deposited by RCI and II members.

Start Date:  The day/date on which vacation time begins.

Special Assessment: A fee over and above the annual maintenance fee assessed by the resort pro rata to interval owners. This fee is, when assessed, is intended to defray expenses related to major repairs and refurbishing of resort equipment, facilities, and units

Time Division: A system of establishing the value of an interval week typically based upon season. For example: a week 3 (Mid January) purchased at a New England beach resort would not hold the same value as a mid-summer week at the same resort due to the fact that the season in January is not conducive to vacationing on the beach. Time divisions are expressed as high time or red time meaning prime time, white time or medium time meaning medium desirability, or blue time or low time meaning the least desirable time. Some resorts such as Hawaiian resorts consider all weeks as prime time since their tropical climate permits pleasant vacations throughout the calendar year. Additionally, many resorts offer year-round activities, often referred to as four season resorts, in which the owner may participate in a variety of seasonal activities.  Other factors that affect the interval week's desirability would be holidays and special local events.

Trading Power: The assessed value of an interval week when trading or exchanging for another week within the same resort or at a different resort. In some situations, the owner of a red week can trade that week for two or more weeks. Supply and demand rules prevail in this type of exchange and the owners can greatly enhance their trading power with high demand weeks and resorts.

Timesharing: A term used to describe the joint ownership of a resort property, such as a condominium, by several families. Each family owns a certain period of time.

Travel Dates: The starting and ending dates of a vacation exchange.

Unit Size: Normally expressed as hotel unit, studio unit, and efficiency unit or by number of bedrooms. Hotel units, studio units, and efficiency units typically are a single room with sleeping accommodations and perhaps a small built in kitchen and sleep from two to four persons. One, two or three or more bedroom units are usually condominium style accommodations and feature a partial or full kitchen and other living areas.

Unit Type:  The basic configuration of a resort unit, such as "studio," "1-bedroom," "2-bedroom," etc.

Vacation Experience Profile (VEP): Composite evaluation of an RCI-affiliated resort derived from member comments.

Vacation Ownership: A term often used to describe resort timesharing.

White Time: Vacation time which is less highly demanded by RCI members than Red Time and more highly demanded than Blue Time. (See: Seasonal Designations)

Yellow Time:  Vacation time which is less highly demanded by II members than Red Time and more highly demanded than Yellow Time. (See: Seasonal Designations)

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