As used in this section and ORS 94.807 to 94.945:
(1) “Agency” means the Real Estate Agency.
(2) “Accommodation” means an apartment, condominium unit, cabin, house, lodge, hotel or motel room or other private or commercial structure situated on real property and designed for residential occupancy.
(3) “Assessment” means the pro rata share assessed from time to time against each owner of a timeshare by the managing entity to pay for common expenses.
(4) “Blanket encumbrance” means a trust deed or mortgage or any other lien or encumbrance, mechanic’s lien or otherwise, securing or evidencing the payment of money and affecting more than one timeshare, or an agreement affecting more than one timeshare by which the developer holds the timeshare property under an option, leasehold, contract to sell or trust agreement.
(5) “Commissioner” means the Real Estate Commissioner.
(6) “Common expenses” means:
(a) Expenses of administration, maintenance, repair or replacement of the accommodations and facilities of the timeshare plan;
(b) Expenses agreed upon as common by all the timeshare owners in the timeshare plan; and
(c) Expenses declared common by the timeshare instrument or bylaws of the timeshare plan.
(7) “Developer” means a person creating a timeshare plan and a seller of a timeshare plan.
(8) “Exchange program” means any opportunity for a purchaser to exchange timeshare periods among purchasers in the same or other timeshare plans.
(9) “Facility” means a structure, service, improvement or real property available for the owner’s use.
(10) “Fractional interest” means any undivided fractional ownership of real property which gives each and every fractional owner full rights to unlimited use and possession of the real property subject only to such limitation as the fractional owners may agree to among themselves.
(11) “Managing entity” means the person designated in the timeshare instrument or selected by the owners’ association board or by the owners to manage all or a portion of the timeshare plan.
(12) “Negotiate” means any activity preliminary to the execution of a binding agreement for the sale of a timeshare, including but not limited to advertising, solicitation and promotion of the sale of the timeshare.
(13) “Offering” means any advertisement, inducement, solicitation or attempt to encourage a person to acquire a timeshare, other than as a security for an obligation. An advertisement in a newspaper or other periodical of general circulation, or in any broadcast medium to the general public, of a timeshare in property located outside this state is not an offering if the advertisement states that the offering is valid only if made in compliance with the law of the jurisdiction in which the offer is disseminated.
(14) “Owner” means a person, other than the developer, to whom a timeshare has been conveyed other than as security for an obligation.
(15) “Project” means real property subject to a timeshare instrument. A project may include accommodations that are not timeshare accommodations.
(16) “Purchaser” means any person, other than a developer, who by voluntary transfer acquires an interest in a timeshare other than as security for an obligation.
(17) “Sale” means a transaction that conveys a timeshare other than as security for an obligation, including, but not limited to a lease or assignment.
(18) “Seller” means a person who offers a timeshare for sale to the public. “Seller” does not include a person who acquired a timeshare for the person’s own use and later offers it for resale.
(19) “Timeshare” means a timeshare estate or a timeshare license.
(20) “Timeshare agreement” means an agreement conferring the rights and obligations of the timeshare plan on a purchaser including but not limited to a deed, lease and vacation license.
(21) “Timeshare estate” means a right to occupy an accommodation during five or more separated timeshare periods over a period of at least five years, including renewal options, coupled with a freehold estate or an estate for years in the timeshare property.
(22) “Timeshare instrument” means a document creating or regulating timeshares.
(23) “Timeshare license” means a right to occupy an accommodation during five or more separated timeshare periods over a period of more than three years, including renewal options, not coupled with a freehold estate or an estate for years.
(24) “Timeshare period” means the period of time when an owner is entitled to possess and occupy accommodations or facilities of a timeshare plan.
(25) “Timeshare plan” means an arrangement, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, right to use agreement or otherwise, in which an owner receives a timeshare estate or a timeshare license and the right to use accommodations and facilities that are part of the timeshare property. A timeshare plan does not include an exchange program.
(26) “Timeshare property” means one or more accommodations subject to the same timeshare instrument and any other real estate or rights appurtenant to those accommodations. [1983 c.530 §2; 1987 c.414 §144b; 1991 c.64 §1]Section: Previous 94.765 94.770 94.775 94.777 94.780 94.783 94.785 94.803 94.805 94.806 94.807 94.808 94.809 94.810 94.811 Next
Last modified: August 7, 2008