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| Timeshare Terminology |
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Exchange: |
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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. The exchange system allows an interval owner to trade their week with other interval owners thereby allowing each owner to travel and vacation throughout the world. The system that allows timeshare owners to trade the accommodations they own for comparable accommodations that have been deposited by other members into the space bank pool. |
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Exchange Company: |
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A company or organization that accepts interval weeks on deposit from it's interval members to establish a pool of weeks from which other members may select the resort and vacation times of their choice. When a member deposits their week with an exchange company, the company compares the week the depositor is asking for with weeks deposited by other members and provides a suitable match based on availability and value. Factors affecting the "trading value" are: the resorts' rating, the time division; i.e., prime time versus low time, the size of the unit desired, etc. |
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Fixed Week: |
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A type of timeshare ownership in which the owner knows the specific week(s) of ownership. |
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Floating Week Based on Fixed Rotation: |
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A type of timeshare ownership in which specific weeks rotate among owners from year to year on a fixed schedule. |
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Floating Week Based on Ownership Rotation: |
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A type of timeshare ownership in which the owner purchases week(s) and works out the appropriate vacation time with the other owners on a rotating basis each year. |
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Full Kitchen: |
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Kitchen facilities that include a standard refrigerator, sink, and a conventional oven. |
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Fixed Unit: |
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A time period that is fixed for each calendar year, by date or by calendar weeks; most in numerical sequence 1-52. With a week number, your actual start date may vary slightly from year to year. Unlike a floating unit, a interval owner who owns a fixed unit at a resort will always vacation in the same physical unit each year he/she vacations at that resort. This type of ownership is particularly important if you have purchased, for example, an oceanfront property with the ocean at your door step and are not willing to vacation in an ocean-view unit. A fixed unit property assures the owner that he/she will always have the exact location and the exact unit they have purchased. |
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Fixed Week: |
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Referring to the interval calendar, the purchase of a fixed week property assures the owners that they will always have the same week each year; i.e., week 26. Alternatively, an owner of a floating week may choose another week within their time division or may elect to upgrade or downgrade to another time division to meet their annual vacation schedule. Upgrading to a higher time division usually incurs an additional cost. |
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Floating: |
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Your time period is defined by a season and your week period is not fixed. You reserve your time period within the appropriate season annually. Most resorts have a High, Medium, and Low Season. 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. |
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Floating Week: |
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The purchaser of a floating week has the flexibility of scheduling their vacation interval with yearly variations in accordance with the resort's guidelines. Typically, resorts will accept requests for specific weeks by the interval owner as soon as the annual maintenance fees are paid. Therefore, the earlier the maintenance fees are paid the better the chance that the owner can pick a specific interval week. |
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Gold Crown Resort, RCI: |
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A select number of RCI-affiliated resorts that have attained the highest level of excellence in resort accommodations and hospitality. |
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Interval Calendar: |
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An annual calendar depicting the fifty-two or fifty-three weeks of each calendar year showing starting days of Friday to Friday, Saturday to Saturday, and Sunday to Sunday, check in dates. |
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Lockout Unit: |
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Typically, a unit which has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, they can divide the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties. Or, they stay in one half and exchange the other half to other properties worldwide. They can even rent one half and exchange the other. The choices are yours! |
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Mini-Kitchen: |
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Kitchen facilities that feature the basic appliances found in a full kitchen, although they may be smaller than standard size. |
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Maximum Occupancy: |
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The maximum number of persons an interval unit will accommodate; usually from 2 to 10 persons. Maximum occupancy is typically expressed in conjunction with "private occupancy" referring to the number of persons the unit will sleep privately and the number of bedrooms within the unit. Configurations of units vary from resort to resort. |
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Odd or Even Year Usage: |
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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. |
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Points: |
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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. a symbolic measurement related to a vacation club ownership used to establish value for seasons, unit sizes, and resort locations. |
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Partial Kitchen: |
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Kitchen facilities that do not feature all of the basic appliances found in a full kitchen. |
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Private Occupancy: |
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Refers to the number of persons that a resort unit may accommodate, based on two adults per private sleeping area. |
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Resort Ratings: |
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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. |
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Red Time: |
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Vacation time that is most highly demanded by timeshare owners in both the RCI and II exchange programs. (See: Seasonal Designations) |
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Resort of International Distinction (RID): |
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Resorts that have achieved excellence in providing outstanding resort vacation experiences for RCI exchange guests are given this award. Such resorts have met exacting quality and service standards. The next highest ranking to RCI Gold Crown. |
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Season: |
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Designated season of the year denoting period of ownership for exchange or usage value. |
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Seasonal Designations: |
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Time distinctions into which deposited vacation time is divided based upon demand. Red = Greater Demand; White/Yellow = Average Demand; Blue/Yellow = Lesser Demand. |
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Timesharing: |
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A term used to describe the joint ownership of a resort property, such as a condominium, by several families. Each family owns a certain period of time. |
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