Timeshare Glossary

The following terms are generic to the vacation ownership world and all may not apply to your home resort, but may come in handy when you exchange.

Assigned Week – The week you select and use each year for your vacation.

Bank/Banking – See Deposit/Depositing.

Banked Week/Deposited Week – A week of credit available for Exchange as a result of depositing a week with Trading Places International (TPI) or another exchange organization.

Bonus Time – Use of your Home Resort during times other than the time you bought.

Deposit/Depositing – A Unit/Week given to TPI or other exchange company with or without the concurrent submission of an Exchange Request, and prior to confirmation of an Exchange into the deposited Unit/Week.

Developer – The entity that develops, markets, and sells interests in a Resort.

Exchange – Your use of a Unit/Week other than that which you own or have reserved at your own Resort (internal Exchange) or another Resort (external Exchange).

Exchange Confirmation – Written notification from TPI or other exchange company that your Exchange Request has been fulfilled and that accommodations have been made available at a Host Resort.

Exchange Fee – The fee you pay for a confirmed Exchange.

Exchange Request – An application for an Exchange which may or may not be concurrent with the Deposit of a Unit/Week. You may request a different resort, destination or dates that may not be currently available.

Family of Resorts – A select group of resorts with which Trading Places International has developed a special relationship making it easier for you to Exchange into them.

Fixed Time – You own the same week each year. Guarantees you will be able to use the same week you purchased every year provided you are not delinquent in your maintenance fees.

Floating Time – If you are current on your maintenance fees, you have the flexibility to select or "make reservations for" the specific week (on a space available basis) you want for regular use, exchange, or rental in a unit of the same type and season you own.

Home Resort – The Resort where you own an interest or are an Owner/Member.

Host Resort – The Resort into which you have a confirmed Exchange.

Occupancy – The maximum number of persons that may be accommodated in a Resort unit.

Owner/Member – Anyone other than the Developer who has acquired a shared interest in a Resort.

Reservation Confirmation – See Use Week Confirmation. (Note: Because Trading Places offers various vacation services, the term “reservation” or “reservation confirmation” can also relate to condo rental, air, car, cruise, etc. reservations. The definition for Use Week Confirmation here is used when discussing timeshare ownership/usage.)

Season – That period of the year which you have purchased at your Home Resort as defined by your purchase agreement. Also, various periods of the year as defined by the Host Resort involved in an Exchange.

Unit/Week – A timeshare estate, interest, or license; a week, unit week, or any other right to occupy accommodations for a specific period of time at a Resort.

Upgrade – The assignment of an Exchange or Use Week in a more desirable Season or Unit of greater Occupancy than that deposited by that client.

Upgrade Fee – The amount paid for an Upgrade.

Use Week Confirmation – Written notification from TPI that your use week has been assigned and may be used at your Home Resort, submitted for Exchange, or rented out.