Texas Property Code - Section 221.002. Definitions
Legal Research Home >
Texas Laws > Property Code > Texas Property Code - Section 221.002. Definitions
§ 221.002. DEFINITIONS. As used in this chapter:
(1) "Accommodation" means any apartment, condominium
or cooperative unit, hotel or motel room, cabin, lodge, or other
private or commercial structure that:
(A) is affixed to real property;
(B) is designed for occupancy or use by one or
more individuals; and
(C) is part of a timeshare plan.
(2) "Advertisement " means any written, oral, or
electronic communication that is directed to or targeted at
individuals in this state and contains a promotion, inducement, or
offer to sell a timeshare interest, including a promotion,
inducement, or offer to sell:
(A) contained in a brochure, pamphlet, or radio
or television transcript;
(B) communicated by electronic media or
telephone; or
(C) solicited through direct mail.
(3) "Amenities" means all common areas and includes
recreational and maintenance facilities of the timeshare plan.
(4) "Assessment" means an amount assessed against or
collected from a purchaser by an association or its managing entity
in a fiscal year, regardless of the frequency with which the amount
is assessed or collected, to cover expenditures, charges, reserves,
or liabilities related to the operation of a timeshare plan or
timeshare properties managed by the same managing entity.
(5) "Association" means a council or association
composed of all persons who have purchased a timeshare interest.
(6) "Commission" means the Texas Real Estate
Commission.
(7) "Component site" means a specific geographic
location where accommodations that are part of a multisite
timeshare plan are located. Separate phases of a single timeshare
property in a specific geographic location and under common
management are a single component site.
(8) "Developer" means:
(A) any person, excluding a sales agent, who
creates a timeshare plan or is in the business of selling timeshare
interests or employs a sales agent to sell timeshare interests; or
(B) any person who succeeds in the developer's
interest by sale, lease, assignment, mortgage, or other transfer if
the person:
(i) offers at least 12 timeshare interests
in a particular timeshare plan; and
(ii) is in the business of selling
timeshare interests or employs a sales agent to sell timeshare
interests.
(9) "Dispose" or "disposition" means a voluntary
transfer of any legal or equitable timeshare interest but does not
include the transfer or release of a real estate lien or of a
security interest.
(10) "Escrow agent" means a bonded escrow company, a
financial institution whose accounts are insured by a governmental
agency or instrumentality, or an attorney or title insurance agent
licensed in this state who is responsible for the receipt and
disbursement of funds in accordance with this chapter.
(11) "Exchange company" means any person who owns or
operates an exchange program.
(12) "Exchange disclosure statement" means a written
statement that includes the information required by Section
221.033.
(13) "Exchange program" means any method,
arrangement, or procedure for the voluntary exchange of timeshare
interests among purchasers or owners.
(14) "Incidental use right" means the right to use
accommodations and amenities at one or more timeshare properties
that is not guaranteed and is administered by the managing entity of
the timeshare properties that makes vacant accommodations at the
timeshare properties available to owners of timeshare interests in
the timeshare properties.
(15) "Managing entity" means the person responsible
for operating and maintaining a timeshare property.
(16) "Multisite timeshare plan" means a plan in which
a timeshare purchaser has:
(A) a specific timeshare interest, which is the
right to use and occupy accommodations at a specific timeshare
property and the right to use and occupy accommodations at one or
more other component sites created by or acquired solely through
the reservation system of the timeshare plan; or
(B) a nonspecific timeshare interest, which is
the right to use and occupy accommodations at more than one
component site created by or acquired solely through the
reservation system of the timeshare plan but which does not include
a right to use and occupy a particular accommodation.
(17) "Offering" or "offer" means any advertisement,
inducement, or solicitation and includes any attempt to encourage a
person to purchase a timeshare interest other than as a security for
an obligation.
(18) "Project instrument" means a timeshare
instrument or one or more recordable documents, by whatever name
denominated, applying to the whole of a timeshare project and
containing restrictions or covenants regulating the use,
occupancy, or disposition of units in a project, including a
declaration for a condominium, association articles of
incorporation, association bylaws, and rules for a condominium in
which a timeshare plan is created.
(19) "Promotion" means any program, activity,
contest, or gift, prize, or other item of value used to induce any
person to attend a timeshare sales presentation.
(20) "Purchaser" means any person, other than a
developer, who by means of a voluntary transfer acquires a legal or
equitable interest in a timeshare interest other than as a security
for an obligation.
(21) "Reservation system" means the method,
arrangement, or procedure by which a purchaser, in order to reserve
the use and occupancy of an 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, a managing entity, an exchange company,
or any other person. If a purchaser is required to use an exchange
program as the purchaser's principal means of obtaining the right
to use and occupy the accommodations and facilities of the plan, the
arrangement is considered a reservation system. If the exchange
company uses a mechanism to exchange timeshare periods among
members of the exchange program, the use of the mechanism is not
considered a reservation system of the multisite timeshare plan.
(22) "Single-site timeshare plan" means a timeshare
plan in which a timeshare purchaser's right to use and occupy
accommodations is limited to a single timeshare property. A
single-site timeshare plan that includes an incidental use right or
a program under which the owner of a timeshare interest at a
specific timeshare property may exchange a timeshare period for
another timeshare period at the same or another timeshare property
under common management does not transform the single-site
timeshare plan into a multisite timeshare plan.
(23) "Timeshare disclosure statement" means a written
statement that includes the information required by Section
221.032.
(24) "Timeshare estate " means an arrangement under
which the purchaser receives a right to occupy a timeshare property
and an estate interest in the real property.
(25) "Timeshare interest" means a timeshare estate or
timeshare use.
(26) "Timeshare instrument" means a master deed,
master lease, declaration, or any other instrument used in the
creation of a timeshare plan.
(27) "Timeshare period" means the period within which
the purchaser of a timeshare interest is entitled to the exclusive
possession, occupancy, and use of an accommodation.
(28) "Timeshare plan" means any arrangement, plan,
scheme, or similar method, excluding an exchange program but
including a membership agreement, sale, lease, deed, license, or
right-to-use agreement, by which a purchaser, in exchange for
consideration, receives an ownership right in or the right to use
accommodations for a period of time less than a year during a given
year, but not necessarily consecutive years.
(29) "Timeshare property" means:
(A) one or more accommodations and any related
amenities subject to the same timeshare instrument; and
(B) any other property or property rights
appurtenant to the accommodations and amenities.
(30) "Timeshare use" means any arrangement under which
the purchaser receives a right to occupy a timeshare property, but
under which the purchaser does not receive an estate interest in the
timeshare property.
Added by Acts 1987, 70th Leg., ch. 167, § 6.03, eff. Sept. 1,
1987. Renumbered from § 201.002 by Acts 1989, 71st Leg., ch. 2,
§ 13.03(b), eff. Aug. 28, 1989. Amended by Acts 1993, 73rd Leg.,
ch. 443, § 1, eff. Sept. 1, 1993; Acts 2005, 79th Leg., ch. 539,
§ 1, eff. Jan. 15, 2006.
Section: 210.009 211.001 211.002 211.003 211.004 211.005 221.001 221.002 221.003 221.011 221.012 221.013 221.014 221.021 221.022
Last modified: August 11, 2007
|
