Terms Used In Arizona Laws > Title 32 > Chapter 20 > Article 9 - Real Estate Timeshares

• Accommodation: means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure containing toilet facilities that is designed and available for use and occupancy as a residence by one or more individuals and that is included in the offering of a timeshare plan. See Arizona Laws 32-2197
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Advertisement: means any written, oral or electronic communication that is directed to or targeted to persons in this state and that contains a promotion, inducement, premium or offer to sell a timeshare plan, including brochures, pamphlets, radio and television scripts, electronic media, telephone and direct mail solicitations and other means of promotions. See Arizona Laws 32-2197
• Advertising: means attempting by publication, dissemination, exhibition, solicitation or circulation, oral or written, or for broadcast on radio or television to induce directly or indirectly any person to enter into any obligation or acquire any title or interest in lands subject to this chapter, including the land sales contract to be used and any photographs, drawings or artist's presentations of physical conditions or facilities existing or to exist on the property. See Arizona Laws 32-2101
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assessment: means the share of funds required for the payment of common expenses that the managing entity assesses periodically against each purchaser. See Arizona Laws 32-2197
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means any organized body consisting of the purchasers of interests in a timeshare plan. See Arizona Laws 32-2197
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Broker: when used without modification, means a person who is licensed as a broker under this chapter or who is required to be licensed as a broker under this chapter. See Arizona Laws 32-2101
• cemetery property: means any one, or a combination of more than one, of the following in a place that is used, or intended to be used, and dedicated for cemetery purposes:

  (a) A burial park, for earth interments. See Arizona Laws 32-2101

• Commissioner: means the state real estate commissioner. See Arizona Laws 32-2101
• Compensation: means any fee, commission, salary, monies or other valuable consideration for services rendered or to be rendered as well as the promise of consideration whether contingent or not. See Arizona Laws 32-2101
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Component site: means a specific geographic location where accommodations that are part of a multisite timeshare plan are located. See Arizona Laws 32-2197
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the state real estate department. See Arizona Laws 32-2101
• Designated broker: means a natural person who is licensed as a broker under this chapter and who is either:

  (a) Designated to act on behalf of an employing real estate, cemetery or membership camping entity. See Arizona Laws 32-2101

• Developer: means either of the following:

  (a) Any person, corporation, partnership, limited liability company, trust or other entity, other than a sales agent, that creates a timeshare plan or is in the business of selling timeshare interests or employs sales agents to sell timeshare interests. See Arizona Laws 32-2197

• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• disposition: means a voluntary transfer or assignment of any legal or equitable interest in a timeshare plan other than the creation, transfer, assignment or release of a security interest. See Arizona Laws 32-2197
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Exchange company: means any person owning or operating or both owning and operating an exchange program. See Arizona Laws 32-2197
• Exchange program: means any method, arrangement or procedure for the voluntary exchange of timeshare interests or other property interests. See Arizona Laws 32-2197
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• lease: includes every disposition, transfer, option or offer or attempt to dispose of or transfer real property, or an interest, use or estate in the real property, including offering the property as a prize or gift if a monetary charge or consideration for whatever purpose is required. See Arizona Laws 32-2101
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• leasing: includes any lease, whether it is the sole, the principal or any incidental part of a transaction. See Arizona Laws 32-2101
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means the whole or part of any agency permit, certificate, approval, registration, public report, charter or similar form of permission required by this chapter. See Arizona Laws 32-2101
• Lien: A claim against real or personal property in satisfaction of a debt.
• Managing entity: means the association or other person that undertakes the duties, responsibilities and obligations of the management of a timeshare plan. See Arizona Laws 32-2197
• Member: means a member of the real estate advisory board. See Arizona Laws 32-2101
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Multisite timeshare plan: includes a specific timeshare interest or a nonspecific timeshare interest. See Arizona Laws 32-2197
• Nonspecific timeshare interest: means the right to use accommodations at more than one component site created by or acquired through the timeshare plan's reservation system, but not including a specific right to use any particular accommodations. See Arizona Laws 32-2197
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• offering: means any marketing, promotion, solicitation or advertising of any kind that is intended to interest prospective customers in the sale, lease or use of a timeshare interest in a timeshare plan, other than as security for an obligation, whether now or in the future. See Arizona Laws 32-2197
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, corporation, limited liability company, partnership, joint venture, association, estate, trust, federal or state government, political subdivision or other legal entity or any combination of these entities. See Arizona Laws 32-2197
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
• Premium: means anything of value offered, promised or given to a prospective customer as an incentive to attend a presentation for the sale, lease or use of a timeshare interest or to tour or visit a timeshare property. See Arizona Laws 32-2197
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Promotion: means a plan or device, including one involving the possibility of a prospective purchaser receiving a vacation, discount vacation, gift or prize, used by a developer or the developer's employee, or on the developer's behalf by an agent or the agent's employee, an independent contractor or the independent contractor's employee in connection with the offering and sale of timeshare interests in a timeshare plan. See Arizona Laws 32-2197
• promotional practice: means advertising and any other act, practice, device or scheme to induce directly or indirectly any person to enter into any obligation or acquire any title or interest in or use of real property subject to this chapter, including meetings with prospective purchasers, arrangements for prospective purchasers to visit real property, travel allowances and discount, exchange, refund and cancellation privileges. See Arizona Laws 32-2101
• Property: includes both real and personal property. See Arizona Laws 1-215
• Purchase agreement: means a document that legally obligates a person to sell or buy a timeshare interest. See Arizona Laws 32-2197
• Purchaser: means any person, other than a developer, who, by means of a voluntary transfer, acquires a legal or equitable interest in a timeshare plan other than a security for an obligation. See Arizona Laws 32-2197
• Real estate: includes leasehold-interests and any estates in land as defined in Title 33, Chapter 2, articles 1 and 2, regardless of whether located in this state. See Arizona Laws 32-2101
• Real estate broker: means a person, other than a salesperson, who, for another and for compensation:

  (a) Sells, exchanges, purchases, rents or leases real estate, businesses and business opportunities or timeshare interests. See Arizona Laws 32-2101

• Real estate salesperson: means a natural person who acts on the person's own behalf or through and on behalf of a professional limited liability company or a professional corporation engaged by or on behalf of a licensed real estate broker, or by or on behalf of a limited liability company, partnership or corporation that is licensed as a real estate broker, to perform any act or participate in any transaction in a manner included in the definition of real estate broker subject to section 32-2155. See Arizona Laws 32-2101
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Redemption certificate: means a premium that grants a right to or the promise of the future delivery of goods or services and that is conditioned on the holder's compliance with stated requirements, limitations or conditions. See Arizona Laws 32-2197
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Reservation system: means the method, arrangement or procedure in which a purchaser, in order to reserve the use or occupancy of any accommodation of a multisite timeshare plan for one or more timeshare periods, is required to compete with other purchasers in the same multisite timeshare plan, regardless of whether the reservation system is operated and maintained by the multisite timeshare plan managing entity, an exchange company or any other person. See Arizona Laws 32-2197
• Sales agent: means a person who, directly or through the person's employees, agents or independent contractors, sells or offers to sell one or more timeshare interests in a timeshare plan to any individual in this state. See Arizona Laws 32-2197
• Salesperson: when used without modification, means a natural person who acts on the person's own behalf or through and on behalf of a professional limited liability company or a professional corporation licensed under this chapter or any person required to be licensed as a salesperson under this chapter. See Arizona Laws 32-2101
• Single site timeshare plan: means the right to use accommodations at a single timeshare property. See Arizona Laws 32-2197
• Timeshare estate: means the right of occupancy in a timeshare property that is coupled with an estate in real property. See Arizona Laws 32-2197
• Timeshare instrument: means one or more documents creating or governing the operation of a timeshare plan. See Arizona Laws 32-2197
• Timeshare interest: includes either a timeshare estate or a timeshare use. See Arizona Laws 32-2197
• Timeshare period: means the period of time when the purchaser of a timeshare plan is afforded the opportunity to use the accommodations of a timeshare plan. See Arizona Laws 32-2197
• Timeshare plan: means any arrangement, plan or similar device, other than an exchange program, whether by membership agreement, sale, lease, deed, license or right-to-use agreement or by any other means, in which a purchaser, in exchange for consideration, receives ownership rights in or the right to use accommodations for a period of time less than a full year during any given year, but not necessarily for consecutive years. See Arizona Laws 32-2197
• Timeshare property: means one or more accommodations subject to the same timeshare instrument, together with any other property or rights to property appurtenant to those accommodations. See Arizona Laws 32-2197
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writ: means an order or precept in writing issued in the name of the state or by a court or judicial officer. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215