Vacation Ownership Glossary
353 plain-English definitions — every term APAC owners encounter, explained without jargon.
A
An arrangement allowing an owner to use future vacation entitlement earlier than originally scheduled.
A certificate or benefit providing access to qualifying vacation accommodation under specified conditions.
Vacation points retained or accumulated from previous allocation periods.
A booking advantage allowing qualifying owners to reserve accommodation before the standard reservation window.
A resale service requiring an owner to pay a fee before a timeshare is sold or transferred.
A resort participating in a vacation club or external exchange network.
A mandatory or optional resort charge covering specified meals, beverages, activities, or services.
Ownership providing vacation entitlement every second year rather than annually.
The recurring date used by some clubs to determine annual allocations, membership periods, or benefit renewals.
The points, credits, nights, or other vacation entitlement issued to an owner each year.
Recurring charges associated with membership in a vacation ownership program or club.
Ownership providing vacation entitlement every year.
Confirmation of a scheduled vacation ownership presentation.
An assessment of the value of a timeshare or vacation ownership interest, where applicable.
A promotional benefit provided to an eligible participant upon arrival or completion of specified conditions.
A charge imposed on owners to fund resort expenses or obligations.
A recurring fee charged by an owners' or homeowners' association.
Vacation accommodation currently open for reservation.
The period during which particular vacation inventory may be booked.
B
Consecutive reservations arranged to create a longer continuous stay.
Unused vacation points moved into a future use period.
Saving unused vacation time, points, or credits for later use.
An owner's economic or usage interest in vacation property held through a trust or similar structure.
Vacation ownership providing usage every two years.
The right to use an ownership interest once every two years.
Additional vacation points awarded beyond an owner's standard allocation.
Additional vacation accommodation available beyond normal ownership entitlement, often at discounted rates.
A charge imposed for making certain reservations.
Preferential reservation access granted to qualifying owners.
The period before arrival during which a reservation may be made.
Future-year points brought forward for current use.
Using future vacation entitlement during an earlier use period.
A shared vacation residence program associated with a hospitality or luxury brand.
Vacation inventory or entitlement that expires or goes unused.
Deposit of multiple resort weeks or inventory into an exchange system by a resort or developer.
A program under which a developer or resort may repurchase qualifying ownership interests.
Costs payable by a purchaser when completing a timeshare transfer.
Requirements that a purchaser or promotional-tour participant must satisfy.
C
Vacation entitlement operating from January through December.
A prospect requiring follow-up contact by a sales or reservations representative.
A fee charged when cancelling certain reservations.
Rules governing reservation cancellations and associated penalties.
The period during which a reservation can be cancelled under specified conditions.
Documentation evidencing a vacation ownership interest or membership.
The designated arrival day for a vacation ownership reservation.
The process of completing the legal or administrative transfer of an ownership interest.
A business handling documentation, funds, and other aspects of a timeshare transfer.
Recurring charges associated with vacation club membership.
Accommodation made available for reservations within a vacation club.
Participation in a vacation club providing specified accommodation or travel benefits.
Units used as booking currency within a points-based vacation club.
A resort participating in a particular vacation club.
A demand classification affecting point requirements or reservation rights.
The annual period governing membership benefits and vacation entitlement.
A qualifying vacation ownership presentation attended and completed according to the program's requirements.
A charge for converting an existing ownership interest into another vacation ownership format.
A program allowing traditional ownership to be converted into points or another usage structure.
A legally prescribed period during which an eligible purchaser may cancel a timeshare contract.
Vacation club membership held by a company or legal entity.
Marketing cost incurred for each qualifying completed sales presentation.
A promotional rule requiring qualifying partners to attend a sales presentation together.
A vacation ownership structure using credits as reservation currency.
Use or exchange of eligible vacation ownership benefits toward cruise travel.
D
Access to specified resort facilities without an overnight stay.
A legal instrument used to convey ownership of real property, including certain deeded timeshares.
Transfer of a deeded ownership interest back to an accepting resort, association, or developer.
Timeshare ownership involving a legal interest in real property.
A vacation week represented by a deeded ownership interest.
Failure to satisfy contractual financial or other obligations associated with ownership.
An owner account with unpaid fees, assessments, or other amounts due.
Maintenance fees that remain unpaid after their due date.
Vacation entitlement placed into an exchange system for future use.
Exchange value assigned to deposited vacation ownership inventory.
A membership program providing access to a portfolio of vacation residences or resorts.
A resort charge covering specified facilities, amenities, or services.
The company responsible for developing or initially marketing a vacation ownership project.
Vacation ownership interests or accommodation inventory controlled by the developer.
The purchase price charged by the developer.
Vacation ownership bought directly from the developer.
A limitation affecting benefits attached to ownership acquired through resale.
An exchange arranged directly between owners without a conventional exchange company.
Vacation ownership purchased directly from a developer or club.
A short-term vacation product designed to introduce prospective customers to a vacation club or resort.
A resort's participation in more than one exchange network.
E
Additional privileges provided to qualifying higher-tier owners.
Enhanced membership status based on qualifying ownership or program criteria.
A follow-up promotional vacation package offered after an initial sales presentation or stay.
A one-time charge for joining a vacation ownership program.
An arrangement where money or documents are held by a third party until specified conditions are met.
Biennial ownership providing usage during even-numbered years.
Trading vacation entitlement for accommodation at another resort, destination, or period.
Accommodation obtained through a vacation exchange.
Inventory currently obtainable through an exchange program.
An organization facilitating exchanges among owners and participating resorts.
Confirmation that an exchange request has successfully secured accommodation.
Vacation entitlement submitted to an exchange company.
A charge for completing an exchange transaction.
Membership providing access to an exchange network.
A collection of resorts participating in an exchange program.
An external travel or accommodation organization participating in a vacation club's exchange arrangements.
The relative ability of deposited ownership to obtain desirable exchange accommodation.
A request for specified accommodation through an exchange network.
A search for available accommodation within an exchange network.
A vacation week obtained through an exchange.
Services intended to help owners evaluate legitimate options for disposing of unwanted vacation ownership.
A third-party business offering services intended to assist owners in disposing of timeshare interests.
An agreement for services related to disposing of or terminating vacation ownership.
A charge associated with certain ownership termination, surrender, or transfer arrangements.
A fraudulent or deceptive scheme targeting owners seeking to dispose of timeshares.
The date after which unused vacation entitlement is no longer valid.
An exchange made through a network outside an owner's primary vacation club.
F
See Right of First Refusal (ROFR).
Ownership tied to a predetermined vacation period.
Ownership tied to a particular accommodation unit.
Ownership providing use of the same specified week during each applicable year.
Accommodation not permanently assigned to a specific owner.
Ownership allowing reservations among eligible accommodation units.
Ownership permitting selection of an available week within a specified season.
A promotional vacation package offering discounted travel or accommodation in connection with attendance at a vacation ownership presentation.
An ownership share in a fractional vacation property.
Shared ownership generally providing longer annual usage than conventional timeshare.
A residence divided among multiple owners with scheduled usage rights.
Timeshare involving an ownership interest in real property rather than solely contractual usage rights.
Points allocated for a future use year.
G
Delivery of an incentive promised to an eligible presentation participant.
A vacation week contractually reserved or secured for an owner under specified terms.
Documentation authorizing someone other than the owner to use a reservation.
A charge associated with allowing another person to use vacation entitlement.
A reservation made by an owner for another person.
H
A period of strong vacation demand.
A membership-based program providing vacation accommodation or travel benefits.
The resort primarily associated with an owner's vacation ownership interest.
Preferential reservation rights available at an owner's home resort.
A reservation period giving home resort owners priority.
Preferential access to inventory at an owner's home resort.
The underlying or originally assigned vacation week associated with ownership.
An association responsible for governance or administration of certain ownership properties.
A vacation ownership program associated with a hotel or hospitality company.
I
Discounted or complimentary accommodation used to encourage participation in a vacation ownership presentation.
A financial eligibility criterion used for certain vacation ownership promotions.
Exchange between properties within the same vacation ownership system.
A reservation made within an owner's own vacation club network.
A defined period of vacation ownership, traditionally one week.
A calendar identifying numbered vacation weeks for a particular year.
A global vacation ownership exchange company that allows eligible members to exchange qualifying vacation ownership interests for stays within its affiliated network and access other travel benefits.
Shared vacation ownership in which different parties receive use during different periods.
Accommodation available for owner, club, or exchange reservations.
The process by which vacation accommodation is allocated and released for booking.
The point at which accommodation becomes available for reservations.
L
Cancellation made close enough to arrival to trigger restrictions or penalties.
Arrival after a resort's standard reception or check-in hours.
Collection of prospective customer information for qualification and follow-up.
Evaluation of whether a prospect satisfies specified sales or promotional requirements.
Timeshare based on a leasehold or time-limited property interest.
An owner whose ownership predates significant changes to a vacation club.
Vacation ownership that expires after a defined period.
A unit capable of being separated into independently usable accommodation sections.
Accommodation specifically designed for such division.
A lower-demand vacation period.
Conversion of eligible vacation ownership benefits into hotel loyalty points or similar rewards.
M
A charge levied to meet maintenance-related expenses.
A recurring owner charge covering resort operations, upkeep, management, reserves, and related expenses.
A contractual or regulatory limitation, where applicable, on maintenance fee increases.
Annual maintenance cost calculated according to points owned.
A vacation ownership property operated by a professional management company.
A contract appointing a company to operate or manage a vacation ownership property.
The organization responsible for day-to-day resort management.
A contract setting out a vacation club member's rights and obligations.
Accommodation, travel, reservation, or other privileges available to members.
Documentation evidencing membership in a vacation ownership club.
A tier determined by qualifying ownership or program criteria.
The period for which membership remains valid.
A reservation concentrated on weekday nights.
A smaller vacation ownership network containing a limited collection of resorts.
A short promotional resort stay commonly connected with a vacation ownership presentation.
The shortest reservation permitted for particular accommodation or dates.
N
The number of points required for one night of accommodation.
A scheduled prospect who fails to attend a presentation.
Vacation ownership that does not convey a deeded real-property interest.
A person using accommodation without holding the associated ownership interest.
Failure to exercise vacation entitlement during its validity period.
O
Maximum permitted number of guests in a unit.
Biennial ownership providing usage in odd-numbered years.
A period of relatively low vacation demand.
A continuing exchange request that remains active while the system searches for matching inventory.
Marketing activity conducted at or near a destination to identify and invite prospective customers to a vacation ownership presentation, preview, or related promotion.
A vacation ownership sales presentation arranged after a prospective customer is approached while already at a resort, hotel, shopping area, attraction, or other destination location, often with an incentive to attend.
A person or entity holding a vacation ownership interest or entitlement.
The account recording an owner's entitlement, reservations, fees, and membership information.
Privileges available to eligible owners.
A reservation using an owner's vacation entitlement.
A membership or ownership identifier.
An online system through which owners manage reservations and account information.
A prospective customer introduced by an existing owner.
A program rewarding owners for referring prospective purchasers.
A department assisting owners with reservations, accounts, fees, and membership matters.
Voluntary return of an ownership interest through an approved process.
A meeting or presentation provided to existing owners, sometimes involving additional sales offers.
An organization representing owners and administering specified resort matters.
Documentation evidencing vacation ownership rights.
A legal, beneficial, or contractual interest in a vacation ownership arrangement.
Transfer of vacation ownership from one party to another.
P
The highest-demand reservation period.
Ownership without a predetermined expiry date, subject to applicable law and governing documents.
Units representing reservation entitlement within a points-based vacation ownership system.
An account recording an owner's points allocations and transactions.
The quantity of vacation points assigned for a specified use period.
A schedule showing points required for different accommodation, seasons, or dates.
A vacation ownership program using points as reservation currency.
Conversion between an ownership interest and a points-based entitlement.
Loss of unused points after their validity period.
A specified quantity of vacation club points associated with a purchase or membership.
A program feature allowing eligible points to retain some value following certain reservation changes or cancellations.
A booking made using vacation points.
Movement of eligible points between accounts where permitted.
The reservation utility represented by a quantity of vacation points.
Vacation ownership where reservations are primarily made using points.
An owner qualifying for an enhanced membership tier.
Sale of vacation ownership before completion or opening of a project.
A benefit offered in connection with attending a qualifying sales presentation.
A discounted or promotional resort stay connected with a vacation ownership presentation.
Preferential reservation access available to qualifying owners.
A luxury shared-ownership arrangement providing access to high-end residences.
Discounted or incentivized accommodation associated with vacation ownership marketing.
A charge associated with professional management of vacation ownership property.
Q
A couple meeting specified eligibility criteria for a promotional vacation ownership offer.
A prospective customer satisfying defined sales or marketing criteria.
A prospective customer meeting specified requirements for a vacation ownership offer or presentation.
A presentation attended by participants satisfying the applicable qualification requirements.
Conditions a prospective customer must meet for a particular promotion or sales presentation.
R
A major vacation exchange organization serving affiliated resorts and eligible members.
Verification of an existing reservation before travel.
Use of vacation points, credits, or benefits for an eligible reservation or service.
A program through which eligible vacation ownership accommodation may be rented to third parties.
A rule limiting an owner's ability to rent vacation ownership accommodation.
Sale of an existing vacation ownership interest by an owner rather than the developer.
A broker assisting owners and buyers with secondary-market transactions where legally permitted.
A purchaser acquiring vacation ownership on the secondary market.
Completion of a secondary-market timeshare transfer.
Compensation charged by an eligible intermediary for completing a resale transaction.
An advertisement offering an existing vacation ownership interest for sale.
The secondary marketplace for existing vacation ownership.
The price agreed for an ownership interest on the secondary market.
A limitation affecting ownership purchased through the secondary market.
Fraud targeting owners or purchasers in the secondary timeshare market.
The amount an ownership interest may command on the secondary market.
Cancellation of an eligible timeshare purchase contract within an applicable cancellation period.
Formal notice used to exercise a purchaser's cancellation right.
The applicable period during which an eligible timeshare contract may be cancelled.
A confirmed booking of vacation accommodation.
Cancellation of a previously confirmed booking.
Documentation confirming a successful reservation.
A charge associated with certain bookings.
Rules determining preferential access to accommodation.
The platform or process used to manage vacation ownership bookings.
A booking, cancellation, modification, or related action recorded against an owner's account.
Credit usable for specified resort purchases or services.
A listing of resorts within a vacation ownership or exchange program.
A charge covering specified resort amenities or services.
Accommodation controlled or made available by a resort.
Administration and operation of a vacation ownership resort.
A collection of resorts available within a vacation ownership system.
A demand classification assigned to vacation periods.
A charge imposed in connection with an ownership transfer.
A contractual right allowing a designated party to purchase an ownership interest on the same terms offered to an outside buyer.
A vacation ownership arrangement granting usage rights for a defined term without necessarily conveying real-property ownership.
A reservation window continuously opening a fixed number of days or months before arrival.
S
A facility where vacation ownership presentations and sales activities are conducted.
A presentation explaining and offering vacation ownership products.
Criteria used to determine whether a prospect is eligible for a particular vacation ownership presentation.
A structured presentation or resort visit during which vacation ownership is marketed.
A demand category used to classify vacation periods.
The number of points required for accommodation during a particular season.
The marketplace for previously owned vacation ownership interests.
A reservation shorter than a traditional seven-night interval.
The travel period between peak and low seasons.
A pool of vacation inventory deposited with an exchange organization for exchange use.
An additional owner charge for significant expenses outside the regular operating budget.
An arrangement permitting a traditional vacation week to be divided into shorter stays.
The normal booking period available to eligible owners.
Accommodation generally combining sleeping and living areas in one main space.
Points obtained in addition to an owner's standard allocation.
Voluntary return or relinquishment of an ownership interest where permitted.
A formal program allowing qualifying owners to return their ownership.
T
A vacation ownership arrangement providing multiple owners or members with rights to use accommodation at different times.
An organization representing or administering owners within a timeshare property.
Completion of the legal and administrative process involved in transferring timeshare ownership.
The agreement defining purchase, usage, fees, obligations, and other terms of timeshare ownership.
A deed conveying a real-property interest in a deeded timeshare.
A company developing and initially selling vacation ownership interests.
Trading vacation entitlement for another destination, resort, or travel period.
Permanent disposal, surrender, or termination of a timeshare interest.
Credit used to finance a vacation ownership purchase.
A legal process that may result from default on qualifying timeshare-related financial obligations.
A defined vacation period associated with ownership.
Administration of a timeshare resort or ownership program.
A person or entity holding a timeshare interest.
A sales presentation promoting vacation ownership.
Sale of an existing timeshare interest to another buyer.
A resort containing accommodation offered through vacation ownership arrangements.
Transfer of a timeshare interest between parties.
Legal evidence or recognition of property ownership in deeded structures.
Examination of ownership records before certain deeded timeshare transfers.
Transfer of legal title to a deeded ownership interest.
A benefit provided for completing an eligible vacation ownership presentation.
A qualified participant who does not attend a scheduled presentation.
Eligibility requirements for participation in a promotional sales presentation.
Moving a scheduled vacation ownership presentation to another time or date.
The relative exchange strength of deposited vacation ownership.
The relative value assigned to vacation ownership inventory for exchange purposes.
Documentation governing transfer of an ownership interest.
A business assisting with documentation and administration of an ownership transfer.
A fee charged in connection with changing ownership records.
A rule limiting or conditioning transfer of an ownership interest.
Limited-duration vacation club membership offered before or instead of full ownership.
A structure in which vacation property is held through a trust while members receive specified beneficial or usage interests.
A person or entity responsible for holding or administering assets within a trust-based ownership structure.
U
A villa, apartment, suite, or other accommodation within a vacation ownership property.
Allocation of a particular accommodation unit to a reservation.
The physical layout and accommodation type of a vacation unit.
Accommodation category, commonly based on bedrooms and occupancy.
An unexpected approach claiming interest in buying, selling, or transferring an owner's timeshare. Additional Specialist Terms
An increase in accommodation category, ownership entitlement, or membership level.
The amount and type of vacation use an owner is contractually entitled to receive.
A charge associated with exercising specified vacation ownership rights.
Legal or contractual rights determining how vacation accommodation may be used.
The period during which a particular entitlement may be exercised.
The annual period during which an allocation of vacation entitlement is valid.
V
A membership or ownership program providing access to vacation accommodation.
Units used to reserve accommodation or benefits within certain vacation clubs.
Trading vacation entitlement for another resort, destination, or travel period.
A defined vacation usage period associated with ownership.
The broad industry term for arrangements providing recurring interests or rights in vacation accommodation.
A representative assisting prospective or existing vacation ownership customers.
An organization representing vacation ownership participants or interests.
An agreement defining the terms of a vacation ownership purchase or membership.
A company creating and marketing vacation ownership products.
A disclosure document providing specified information concerning a vacation ownership offering, where required by applicable law.
A legal, beneficial, or contractual interest in a vacation ownership arrangement.
The legal and operational structure governing a vacation ownership project.
A sales presentation promoting a vacation ownership product.
Accommodation, vouchers, points, gifts, tickets, or other benefits offered in connection with a qualifying presentation. Resale, Exit & Owner-Protection Terminology
A resort participating in a vacation ownership program.
Units representing vacation entitlement within a points-based system.
A booking system through which members reserve accommodation.
The annual period governing vacation entitlement.
W
A request for currently unavailable accommodation if inventory later becomes available.
The traditional seven-night unit used in many timeshare systems.
A calendar mapping numbered timeshare weeks to actual dates.
The numbered calendar week associated with traditional timeshare ownership.
Vacation ownership based on a defined week.
Additional points or charges associated with higher-demand weekend nights.
An exchange arrangement providing access to resorts across multiple countries. Sales, Fly-Buy & Marketing Terminology