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Accelerated use
A program permitting use of purchased time at a timeshare more quickly and in larger increments than the amount signified in the purchase

Accrued weeks
Unused timeshare weeks that are banked and available for use the following year

Ad Valorem
This legal term refers to property tax assessment

Anniversary Date
For timeshare resorts offering points, the yearly date when all points earned accumulate

Appraisal
The estimated worth of a timeshare, expressed in terms of market value. Timeshare appraisals are not necessary for buying or selling a timeshare on the resale market and are often considered unreliable. Market value of a timeshare can be estimated by market value survey or the comparing of prices of similar timeshare listings on the resale market.

ARDA (American Resort Development Association)
The leading timeshare ownership trade association at www.arda.org

Banking
The ability to save unused timeshare weeks to use later. Banked timeshare weeks can be exchanged for other locations and different timeshare weeks. Banking is sometimes called "space banking".

Biennial or EOY (Every Other Year)
Timeshare week usage that occurs every other year in "odd" or "even" years.

Camping Membership
Membership at a single camping resort or a camping resort community often providing available locations in several states and countries.

Check-In Date
The assigned date/day (typically Friday, Saturday, or Sunday) when a timeshare week begins. The check-out day is seven days later in an interval week (Example: check-in Saturday with check-out the following Saturday).

Closing Costs
Expenses at closing on a timeshare property including deed preparation for deeded timeshares, recording fees, administrative fees, escrow costs, and equity transfer for right-to-use timeshares

Constitution
A document describing legal guidelines regulating a timeshare resort's operation.

Deed
This legal document demonstrates ownership rights with title to a timeshare property. Once a timeshare property is deeded the owner can bequeath, rent, or sell the timeshare just as an owner can do with traditional real estate properties.

Escrow
A third-party holds funds in an account to help with security in the closing of a timeshare

Exchange
A timeshare may be exchanged for a different timeshare week at the same resort or a different timeshare resort. This flexibility makes the timeshare lifestyle so appealing.

Exchange Company
A company that coordinates the trading of timeshare weeks that timeshare owners deposit. There are two main timeshare exchange companies. These are Resort Condominiums International (RCI) and Interval International (II). RCI and II are affiliated with more than 5,000 resorts globally and enable a timeshare owner to trade his or her vacation week at a specific resort with another owner's vacation week at a different resort. This process gives timeshare owners worldwide travel possibilities.

Fee Simple
The timeshare is deeded in the owner's name and owned forever so the timeshare can be willed to family.

Five Star Resort
The highest rating given by Interval International for a timeshare resort.

Fixed Unit
The timeshare owner has the same exact unit every year in the same timeshare resort.

Fixed Week
The timeshare owner has the timeshare during a specific numbered week of the calendar year, every year. Timeshare weeks are numbered sequentially from the first week of the calendar year to the last.

Floating Week
Depending on the timeshare resort's availability, the timeshare owner can use the timeshare during any week of the season purchased. If a timeshare week is in high-season, the owner can reserve any comparable week in the high-season that is available.

Fractional Ownership
The timeshare owner owns multiple timeshare weeks (two or more) during the calendar year at the same timeshare resort.

Gold Crown Resort
The highest rating given by RCI for a timeshare resort.

II
Interval International (www.intervalworld.com) is one of the two main timeshare exchange companies.

Internal Exchange
A timeshare owner can exchange a timeshare week in the same timeshare resort or in another resort within a resort network under the same company ownership.

Interval
In timeshare ownership an interval is a measure of time representing one seven-day week in sequentially numbered weeks from 1 to 52 or 53.

Lease
A right-to-use agreement for a timeshare typically for a time period between twenty and ninety-nine years. This is common in Mexico and other areas where it is not permitted to own deeded timeshares by law.

Lockout
A timeshare unit consisting of two separate sections that can be enjoyed by different parties simultaneously.

Maintenance Fee
The yearly fee a timeshare owner pays the timeshare resort management company or homeowners association for timeshare property upkeep, insurance, utilities, and taxes.

Management Company
A company that manages daily operations of the timeshare resort for a yearly fee to timeshare owners or with funds received by the homeowners association.

Points
A measure of timeshare exchange value considering unit size, seasons, location, amenities, and age and reputation of the unit/timeshare resort. Certain resorts sell points instead of weeks that can be used for shorter stays.

Quartershare
Vacation ownership in rotating three-month intervals.

RCI
Resort Condominiums International (www.rci.com) is one of the two main timeshare exchange companies.

Resale
A timeshare for sale, on the market after the initial purchase from a timeshare resort developer.

Right-To-Use
A timeshare lease enabling the lessor to use the timeshare for a specific period of time (typically between twenty and ninety-nine years). Though the right-to-use agreement is not a deeded timeshare ownership, the remaining years can be rented or willed by the lessor.

Season
Different timeshare resorts have different seasons of demand that are reflected in price differences and varied exchange values for timeshares. RCI measures trading power and demand for timeshare weeks as follows: high season- "red week", mid season- "white week", and low season-"blue week". II measures trading power and demand for timeshare weeks as follows: high season- "red week", mid season- "yellow week" or "amber week" and low season- "green week". Weeks in high season are in higher demand and have more exchange value than mid or low season weeks.

Special Assessment
An additional fee over the yearly maintenance fee levied for special circumstances such as a major timeshare resort refurbishment.

Timeshare
The purchase or lease of a resort for an interval of time with the option to exchange for other time intervals at the same or a different resort. Timeshare ownership allows for affordable vacationing in that the timeshare owner only pays for an increment of time in contrast to full ownership of a vacation property.

Vacation Club
Also known as a holiday club, this is an organization which is unregulated by laws covering the sale of timeshares. Buyers need to be aware of companies that are less than reputable. A vacation club offers timeshare weeks to its members.

Vacation Ownership
Another term for timeshare ownership