Accelerated Use: A right-to-use program that allows the member to accelerate the usage of the time purchased.
Accrued Weeks: Weeks an owner has "banked" from the prior year which are available for use in the current calendar year.
Amenities: Features that add to the value of the property such as swimming pools, tennis courts, golf courses, spas, boating, fitness room, laundry facilities, etc.
Banking: The process of depositing a week of timeshare into an exchange company's "bank." If a week is not used during a particular year, the owner is generally allowed to bank it and use it at a later time.
Biennial: Use of a week every other year (EOY). Owners are referred to as Odd or Even year owners. See Odd or Even Year Usage.
Block (or Bulk) Banking: The depositing, usually by the resort management, of a large number of weeks into the exchange company bank at the earliest time possible.
Bonus Time: Use of one's resort in addition to regular allocated time on a space available basis.
Check-In Date: The assigned date and day of week the interval week begins; usually Wednesday, 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.
Check-In Time: The assigned hour an interval week begins; usually 3 p.m., 4 p.m. or occasionally 5 p.m. prevailing time.
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.
Exchange Company: A company or organization that accepts timeshare weeks on deposit from its interval owners/members to establish a pool of weeks from which other members may select the resort and vacation times of their choice.
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, either by date or by calendar weeks; most in numerical sequence 1-52. A fixed unit property assures the owner that he/she will always have the exact location and the exact unit 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 52 or week 35, etc.
Floating: A time period defined by a season during which the week period is not fixed.
Guest Certificate: A certificate issued by the resort's affiliate exchange company authorizing a nominated guest to use an exchange instead of the owners.
HOA/POA (Home Owners Associate/Property Owners Association): Timeshare owners of the resort with an elected board to administer the rules and regulations.
II (Interval International): One of the largest exchange companies in the world.
Interval: An assigned period of time. Based on the interval calendar wherein the 52 weeks of the year are numbered sequentially: Week 01 through Week 52 or Week 53.
Interval Calendar: An annual calendar depicting the 52 or 53 weeks of each calendar year showing of Wednesday to Wednesday, Friday to Friday, Saturday to Saturday and Sunday to Sunday.
Lockout/Lock-off Unit: Typically, a unit which has the capability of being divided to create two separate sections. If an owner buys a lockout unit, he can divide the unit and either stay in one-half of the unit or in the whole unit.
Maintenance Fee: Maintenance fees are established and collected by the Home Owners Association or Resort Management Company. These fees are used for expenses including but not limited to:
- Maintain the property
- Insurance
- Utilities
- Refurbishing
- Taxes
Management Company: The company contracted to carry out the day-to-day management of the resort.
Maximum Occupancy: The maximum number of persons an interval unit will accommodate; usually from 2 to 8 persons. Configurations of units vary from resort to resort.
Odd or Even Year Usage: Timeshare ownership where usage occurs 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.
Season: Exchange company division of the weeks in a year. Each resort may have different seasons depending on geographic location or other contributing factors.
Space Banking: Depositing a week of owned timeshare with an exchange company. See Banking.
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.
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