Terms Used In North Carolina General Statutes > Chapter 93A > Article 4 - Timeshares

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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: The share of funds required for the payment of common expenses which is assessed from time to time against each owner by the managing entity. See North Carolina General Statutes 93A-41
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: The board of directors of a timeshare owners' association. See North Carolina General Statutes 93A-41
• Closing or close: One of the following:

  a. See North Carolina General Statutes 93A-41

• Commission: The North Carolina Real Estate Commission. See North Carolina General Statutes 93A-41
• Common expense: All of the following:

  a. See North Carolina General Statutes 93A-41

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conspicuous type: A print type that is separated on all sides from other type and print and that is either (i) print type in upper- and lowercase letters two point sizes larger than the largest non-conspicuous type, exclusive of headings, on the page on which it appears, but not less than 10-point type, or (ii) where the use of 10-point type would be impractical or impossible, a different style of type or print that is conspicuous under the circumstances. See North Carolina General Statutes 93A-41
• Consumer resale timeshares: One of the following:

  a. See North Carolina General Statutes 93A-41

• Consumer timeshare reseller: An owner who acquires a timeshare for their own use and occupancy and later offers the timeshare or the occupancy rights associated with the timeshare for resale or rental, or who contracts with a transfer service provider. See North Carolina General Statutes 93A-41
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Dependent: A person dependent for support upon another.
• Developer: Any person or entity which (i) creates a timeshare, timeshare project, or timeshare program, (ii) purchases a timeshare for purpose of resale, or (iii) is engaged in the business of selling timeshares it owns or controls and shall include any person or entity who controls, is controlled by, or is in common control with the developer which is engaged in creating or selling timeshares for the developer. See North Carolina General Statutes 93A-41
• Electronic: Relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See North Carolina General Statutes 93A-41
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Enrolled: Membership in an exchange program. See North Carolina General Statutes 93A-41
• 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: Any person operating an exchange program. See North Carolina General Statutes 93A-41
• Exchange program: Any method, arrangement, or procedure for the voluntary exchange of the right to use and occupy timeshare units among owners, even if enrollment is not voluntary. See North Carolina General Statutes 93A-41
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• Foreclosing party: A trustee, mortgagee, managing entity, or their authorized agent who has the designated authority to pursue a nonjudicial foreclosure proceeding pursuant to N. See North Carolina General Statutes 93A-41
• 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}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
• Independent escrow agent: A licensed attorney located in this State, or a federally insured depository institution or licensed title insurance underwriter or agency, lawfully doing business in this State, which agrees to make its records of the account available for inspection by the Commission's representative. See North Carolina General Statutes 93A-41
• Interest holder: A developer, a mortgagee, judgment creditor, or other lienor, or any other person having an interest in or lien or encumbrance against the real property or personal property comprising or underlying the timeshare property, including the timeshares and the timeshare units, but excluding the timeshare declaration and any encumbrance placed against an owner's timeshare securing the owner's payment of purchase money financing for the purchase. See North Carolina General Statutes 93A-41
• 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.
• Lead dealer: A person who sells or otherwise provides a resale service provider or any other person with personal contact information for five or more purchasers or owners. See North Carolina General Statutes 93A-41
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Managing entity: Any developer, timeshare owners' association, or third-party management firm that has the duties, responsibilities, and obligations of managing a timeshare project or timeshare program. See North Carolina General Statutes 93A-41
• 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 program: A timeshare program under which an owner obtains, by any means, a recurring right to reserve, use, or occupy timeshare units of more than one timeshare project through the mandatory use of a reservation system in competition with other owners in the same timeshare program. See North Carolina General Statutes 93A-41
• 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.
• One-to-one use night to use right ratio: The ratio of the number of owners eligible to use the timeshare units on a given night to the number of timeshare units available for use within the timeshare program on that night, such that the total number of owners eligible to use the timeshare units during a given calendar year never exceeds the total number of timeshare units available for use in the timeshare program during that year. See North Carolina General Statutes 93A-41
• Owner: Any person, other than a developer, who has acquired a timeshare. See North Carolina General Statutes 93A-41
• Person: One or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof. See North Carolina General Statutes 93A-41
• Personal contact information: Any information that can be used to contact a purchaser or an owner, including, but not limited to, the purchaser's or owner's name, address, telephone number, and email address. See North Carolina General Statutes 93A-41
• Personal property: All property that is not real property.
• personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Program broker: A natural person licensed as a real estate broker and designated by the developer to supervise brokers at the timeshare program. See North Carolina General Statutes 93A-41
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Purchaser: Any person, other than a developer, who is advertised or solicited to acquire a timeshare, offered a timeshare, or enters into a timeshare instrument to acquire a timeshare. See North Carolina General Statutes 93A-41
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regulated party: Any developer, exchange company, managing entity, timeshare owners' association, timeshare owners' association director or officer, third-party management firm, independent escrow agent, lead dealer, resale broker, resale service provider, resale advertiser, timeshare transfer provider, timeshare registrar, any other person having duties or obligations pursuant to this Article, and any of their respective assignees or agents. See North Carolina General Statutes 93A-41
• Resale advertiser: Any person who offers, personally or through an agent, resale advertising services to consumer timeshare resellers for compensation or other valuable consideration, regardless of whether the offer is made in person, by mail, by telephone, through the internet, or by any other medium of communication. See North Carolina General Statutes 93A-41
• Resale advertising service: The provision of any good or service relating to advertising or promoting the resale or rental of a consumer resale timeshare located or offered within this State, including any offer to advertise or promote the sale or purchase of any such interest. See North Carolina General Statutes 93A-41
• Resale broker: Any person who is issued a broker's license by the North Carolina Real Estate Commission under the provisions of Article 1 of this Chapter and who offers or provides resale brokerage services to consumer timeshare resellers for compensation or other valuable consideration, regardless of whether the offer is made in person, by mail, by telephone, through the internet, or by any other medium of communication. See North Carolina General Statutes 93A-41
• Resale brokerage services: With respect to a consumer resale timeshare located or offered within this State, any activity that directly or indirectly consists of any of the activities regulated under N. See North Carolina General Statutes 93A-41
• Resale service provider: Any resale advertiser, or other person or entity, including any agent or employee of that person or entity, who offers resale brokerage or resale advertising services to consumer timeshare resellers. See North Carolina General Statutes 93A-41
• Reservation system: The method, arrangement, procedure, rules, and regulations by which an owner reserves the use and occupancy of a timeshare unit for one or more timeshare periods. See North Carolina General Statutes 93A-41
• Reservation system operator: The person who has the responsibility for operating any reservation system for the timeshare program. See North Carolina General Statutes 93A-41
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Timeshare: A timeshare estate or timeshare use. See North Carolina General Statutes 93A-41
• Timeshare declaration: One or more documents, by whatever name denominated, establishing, creating, or governing the operation of a timeshare program. See North Carolina General Statutes 93A-41
• Timeshare estate: The right to occupy a timeshare unit coupled with ownership of any of the following real property interests:

  a. See North Carolina General Statutes 93A-41

• Timeshare instrument: An instrument transferring a timeshare or any interest, legal or beneficial, in a timeshare to a purchaser, including a contract, installment contract, lease, deed, or other instrument. See North Carolina General Statutes 93A-41
• Timeshare period: The period or periods of time when an owner is afforded the opportunity to use a timeshare unit under the terms of the timeshare program. See North Carolina General Statutes 93A-41
• Timeshare program: Any arrangement, plan, program, scheme, or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, or right-to-use agreement, or by any other means whereby an owner receives the right to use timeshare units for a period of time less than a full year during any given year, but not necessarily for consecutive years. See North Carolina General Statutes 93A-41
• Timeshare project: A specific geographic site where all or a portion of the timeshare units of a timeshare program are located. See North Carolina General Statutes 93A-41
• Timeshare property: The property included in or subject to a timeshare program, including timeshares in an underlying timeshare program, one or more timeshare units, any amenities, any other property, and appurtenant property or rights. See North Carolina General Statutes 93A-41
• Timeshare registrar: A natural person who is designated by the developer to record or cause timeshare instruments and lien releases to be recorded and to fulfill the other duties imposed by this Article. See North Carolina General Statutes 93A-41
• Timeshare salesperson: A person who sells or offers to sell on behalf of a developer a timeshare to a purchaser. See North Carolina General Statutes 93A-41
• Timeshare transfer services: Any service provided in this State that provides assistance in the resale, transfer, relinquishment, or other disposition of a consumer timeshare reseller's timeshare, including a reconveyance or other transfer to a developer or managing entity, whether referred to as timeshare exit, timeshare cancellation, timeshare relief, or any similar phrase. See North Carolina General Statutes 93A-41
• Timeshare transfer services agreement: A contract or other agreement between a transfer service provider and a consumer timeshare reseller in which the transfer service provider agrees to provide such services. See North Carolina General Statutes 93A-41
• Timeshare unit: The real property or real property improvement in a project which is divided into timeshares and designated for separate occupancy and use. See North Carolina General Statutes 93A-41
• Timeshare use: The right to occupy a timeshare unit that is not coupled with ownership of a real property interest. See North Carolina General Statutes 93A-41
• Transfer service provider: Any person, including any agent, representative, subsidiary, successor, or employee of that person or entity, unless otherwise exempt, who offers or uses telemarketing, direct mail, email, or any other means of communication in connection with the offering of timeshare transfer services. See North Carolina General Statutes 93A-41
• Trustee: A person or institution holding and administering property in trust.