time-sharing and time-shares

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time-sharing and time-shares

A temporal division of possessory rights in real property,typically allowing one the use of resort property for a limited time each year.“Owners” may have deeded rights to the real estate with fixed or floating periods of possession,or they may have only a license or other such right-to-use,but no ownership.The rights may be limited in duration,expiring after 5 or 10 years.Many time-share communities offer exchange programs,allowing one to use their time at a different resort than the one of their purchase. Besides the original acquisition price,owners are responsible for their share of the annual dues and unusual expenses.The resale market is limited, so the economic evaluation of a decision to buy should not depend on the ability to recover the purchase price, much less a profit, at some time in the future.

There is currently some regulatory confusion among states and the federal government regarding exactly how time-share interests should be treated. Before developing a time-share project, one should check with local authorities to see if any of the following are required:securities registration with the state Securities Department, subdivision platting, condominium registration, and/or real estate license needed for sales of interests.

References in periodicals archive ?
Standards Executive Committee developed SOP 04-2, Accounting for Real Estate Time-Sharing Transactions, which applies to all real estate time-sharing transactions.
Misrepresentations to consumers in some cases led to confusion as to what was actually being sold, resulting in extensive regulation of this method of time-sharing in most states.
The Accounting Standards Executive Committee of the American Institute of Certified Public Accountants issued SOP 04-2 to address the diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions.
He developed the software for the real-time input-output system of a time-shared SDS-940 computer system and was one of the principal designers of the TENEX time-sharing monitor for the DEC PDP-10 computer.
The Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants has issued an exposure draft of a proposed statement of position (SOP), Accounting for Real Estate Time-Sharing Transactions.
Concurrent with the issuance of a Proposed Statement of Position, Accounting for Real Estate Time-Sharing Transactions by the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants, the Financial Accounting Standards Board (FASB) has issued an Exposure Draft, Accounting for Real Estate Time-Sharing Transactions, an amendment of FASB Statements No.
Pinto spent most of the 1970s in sales and sales management at Keydata Corporation, a pioneer in online, real-time commercial time-sharing systems.
During his career, Yourdon worked on more than 25 different mainframe computers and was involved in a number of pioneering technologies, including time-sharing operating systems and virtual memory systems.