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Code · Iowa · Chapter 557A — Time-Shares

557A.2 Definitions.

429 words·~2 min read·/ia/chapter-557a-time-shares/557a-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this chapter, unless the context requires otherwise:
1. “Association” means all of the time-share interval owners of a time-share project acting as a group, either through a nonstock nonprofit corporation or an unincorporated association, in accordance with its bylaws governing administration of the project.
2. “Commission” means the real estate commission.
3. “Common expense” means all sums lawfully assessed against an owner of a time-share interval by an association for the expenses of operating and maintaining the time-share project and for other expenses designated by the project instruments.
4. “Developer” means a person who is in the business of creating or selling time-share intervals in a time-share program. This definition does not include a person acting solely as a sales agent.
5. “Exchange agent” means a person who negotiates and arranges the exchange of time-share intervals for their owners in an exchange program involving other time-share intervals.
6. “Managing agent” means a person who undertakes the duties and responsibilities of the management of a time-share project.
7. “Project instrument” means a recordable document applicable to an entire time-share project, containing restrictions or covenants regulating the use, occupancy, or disposition of the entire project and including amendments to the document.
8. “Property report” means a written statement provided to the initial purchaser of a time-share interval containing the information required in sections 557A.11 and 557A.12.
9. “Purchaser” means a person other than a developer or lender who acquires an interest in a time-share interval.
10. “Time-share estate” means an ownership or leasehold estate in property devoted to a time-share fee or a time-share lease.
11. “Time-share instrument” means a document by whatever name denominated creating or regulating time-share programs, but excluding any law, ordinance, or government regulation.
12. “Time-share interval” means a time-share estate or a time-share use.
13. “Time-share program” means an arrangement for time-share intervals in a time-share project in which the use, occupancy or possession of real property circulates among purchasers of the time-share intervals according to a fixed or floating time schedule on a periodic basis occurring over a period of time.
14. “Time-share project” means the entire real property that is subject to a time-share program.
15. “Time-share use” means a contractual right of exclusive occupancy which does not fall within the definition of a time-share estate including, but is not limited to, a vacation license, prepaid hotel reservation, club membership, limited partnership or vacation bond.
16. “Unit” means the real property or the real property improvement in a time-share project which is divided into time-share intervals.
Referred to in §502.201, 543B.7, 543C.1, 557A.3
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