Timeshare Glossary R-Z

We collated this Timeshare Glossary to help you become familiar with many of the common and sometimes confusing words and phrases used in the timeshare industry.  If you have any timeshare questions, do feel free to use the contact us link to ask a question.

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.

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 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.

 

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, intended to defray expenses related to major repairs and refurbishing of resort equipment, facilities, and units

 

Timeshare: An ownership to a resort property or unit that is shared by others. Each owner has their own time period (typically one week) in which they can utilize the facilities, amenities, accommodations and all attributes associated with the resort. A timeshare is also known as a “second home”.

 

Trading Power: The value assigned to one’s timeshare interval period when deposited with the owner’s exchange company and is related to the exchanging of the owner’s unit to use at another time or location.

 

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.

 

Vacation Clubs: A type of ownership where an owner belongs to a club that includes several timeshare locations and is usually set up as a point based program. This allows an owner to do an internal exchange within the resort system they purchased to use at another location without paying exchange fees.