A glossary of time share terms
By Fred Minnick • Bankrate.com

If you're going to buy a time share, it would be best if you know what you're talking about.

Here's a list of time share-related terms you might encounter and what they mean, as defined by the Federal Trade Commission.

Biennial ownership. You use a resort unit every other year.

Fixed time. In a fixed-time option, you purchase the unit for use during a specific week of the year.

Floating time. In a floating-time option, you use the unit within a certain season of the year, reserving the time you want in advance. Confirmation typically is provided on a first-come, first-served basis.

Fractional ownership. Rather than an annual week, you buy a large share of vacation ownership time, usually up to 26 weeks.

Lockoff. Also known as a lockout, you occupy a portion of the unit and offer the remaining space for rental or exchange. These units typically have two to three bedrooms and baths.

Points-based vacation plans. You purchase a certain number of points and exchange them for the right to use an interval at one or more resorts. In a points-based vacation plan (sometimes called a vacation club), the number of points you need to use an interval varies according to the length of the stay, size of the unit, location of the resort and when you want to use it.

"Right to use" vacation interval option. Each condo or unit is divided into intervals -- either by weeks or the equivalent in points. You purchase the right to use an interval at the resort for a specific number of years. The interest you own is legally considered personal property. The specific unit you use at the resort may not be the same each year.