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.

OPC (Off Premises Contact - Outside Public Contact)

a marketing term used to describe people who approach potential buyers on the street and offer an incentive, such as a gift or tickets to a local attraction, to visit a timeshare project or sales booth to find out more about purchasing options.

OTC (Organization for Timeshare in Europe)

The European equivalent of ARDA, but more consumers oriented.

Owner Referrals

Resorts that are in active sales often have special vacation promos that they offer through their current owners. The owners are encouraged to submit referrals and will receive various incentives from the resort for their leads.

The Project Director, who is, at least theoretically, in charge of running all the other departments at a timeshare resort. The actual duties will vary depending on the hierarchy at specific resorts or companies.

apart from interval ownership.

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.

Points Club

A timeshare system where 'owners' hold points which entitle them to use a period (varying from a few days to a few weeks) every year from a choice of resorts. Sometimes points are backed by an actual deed, sometimes they are not.

Property Bonds

A system similar to Points clubs for owning shares or bonds in a company owning properties.

Qualified Prospect

Consumers who fit the profile that the developer and/or marketer consider are most likely to buy timeshare.

Quarter Share

3-month interval ownership, with a rotating schedule. Rescission A period of time granted by company policy and state statutes during which a person has the right to cancel a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission periods vary from state to state. See Cooling-off period.

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.
Recourse Agreement

An agreement between a Finance Company and a Developer where the Developer pays off any outstanding debt if a purchaser financed by the Finance Company defaults on a Finance Agreement.

Red Week

see Season

Repossession

The removal of rights to use by a Club (or Management Company) for breach of the Constitution (usually non-payment of Management Fees) and the sale of those rights to recover any debt. Deeded property cannot normally be repossessed.

RCI (Resort Condominiums International)

The largest exchange organization in the world, owned by Cendant Corp.

RTU (Rights to Use)

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.

Sales Inspection Visit (SIV)

Developer term for prospective purchasers to stay at a resort for a few days, for a low cost, on condition they attend a sales presentation.

Special Performance Incentive Fund (SPIFF)

An industry term for a bonus, usually given in addition to a general commission, paid to a salesperson after making a sale.

Season

Exchange Company division of the weeks in a year into popular (Red), shoulder (White for RCI or Amber for II) and off peak (Blue for RCI or Green for II) for the calculation of trading power in exchanges. Each resort may have different seasons depending on the geographic position etc.

Sinking Fund

A portion of the Management Fee specifically dedicated to ensuring that the main structure, furniture and fittings of accommodation units (and sometimes leisure facilities) are kept in an 'as new' condition for the full period of ownership. Space banking Depositing a week of owned timeshare with an exchange company. See Banking.

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.

Timeshare
A right, shared with others, to occupy a unit of accommodation for a period of time (usually a week) on a regular basis for a number of years. Sometimes referred to as 'Holiday Ownership', 'Multi Ownership' or 'Group Ownership’. Timesharing can be in a single building, an apartment block or a boat.