Amenities: Features that add to the value of the property such as swimming pools, tennis courts, golfing or boating facilities.

Banked Week: If an owner isn’t going to use week owned, or if owner wants to use it to exchange elsewhere, the owner can “bank” the week with resort’s exchange company.

Bonus Time: Discounted rental time available for owner’s use in addition to the week(s) owned.

Check-in Date: The assigned date and day of week the interval week begins (usually Friday, Saturday, or Sunday). The check-in day begins the seven-day week.

Deed: A legal document that certifies ownership.

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 interval weeks on deposit from its interval members to establish a pool of weeks from which other members may select the resort and vacation times of their choice.

Fixed Week: The purchase of a fixed week property assures the owners that they will always vacation the same week on the interval calendar each year.

Floating Unit: Interval owners of a floating unit at a resort may not vacation in the same physical unit each year they vacation at their home resort. Interval owners may request a specific unit and if available for that particular week, the resort normally will honor the request.

Floating Weeks: A system whereby the timeshare weeks purchased vary from year to year.

II: Interval International - Second Largest timeshare exchange company.

Interval: An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered.

Interval Ownership/Timesharing: Individuals buy or lease a specific time period in a selected condominium. Owners then have the right to rent, resell, or loan the property.

Lockout Unit: Typically a unit that has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, he/she can divided the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties.

Maintenance Fee: Money paid annually to cover costs of maintaining the grounds of the resort, the units and management fees. These fees vary with the amount of time purchased.

Maximum Occupancy: The maximum number of persons an interval unit will accommodate.

Points: Some resorts sell, rather than a one week increment, points that relate to an amount of time that can be spent during a given time of year, in a given resort. Points ownership is popular because shorter than a week stays are possible. The amount of time that an be used each year depends on the number of points owned.

RCI: Resort Condominiums International - The oldest and largest timeshare exchange company.

Red, White, or Blue Week: A system denoting peak times at resorts determined by season. Red weeks are considered the most desirable followed by white, then blue weeks. Also known as High, Medium, and Low weeks.

Right to Use (RTU): A type of ownership whereby actual ownership reverts back to the developer after a specified period of time.