Timeshare is Real Estate and Should be Treated as Real Estate.
1. The Federal Trade Commission defines timeshare as real estate.
2. The Department of Real Estate of most states define timeshare as
3. The American Resort Development Association (ARDA) says
Timeshare is real estate and should be treated as real estate and as real estate the consumer gains all the benefits and protections of an industry with regulatory oversight.
Practicing real estate without a license is not only against the law, it damages the consumer, devalues the product and compromises the timeshare industry.
When treated as real estate, the consumer gains confidence and protections thru fiduciary agencies, full disclosures and regulatory remedies.
Currently the marketplace is being overwhelmed with “no cost” inventory and under siege by non-licensed entities. These non-licensed entities can place “no cost” weeks into the marketplace for pennies on the dollar because they have no original cost…nor do they have to pay for the inventory. The fencing of these weeks has been going on for at least 5 years and is getting worse.
Q: How do the non-licensed entities get the goods?
Bulletin boards have enabled unlicensed individuals, dealers and postcard companies to practice real estate without a license. Bulletin boards have encouraged the unknowing consumer to believe a real estate transaction is like buying a book from amazon.com. Bulletin boards should be responsible for informing and protecting the consumer, not perpetuating the unlawful activities of non-licensed entities.
The accepted wrong practice of transferring timeshare property like a book, without proper escrow and title, allows for the non-licensed entities to thrive. It was mandatory that the developers sell the property correctly with escrow and title the FIRST time…why would anyone consider and believe it’s ok to transfer the property through the backdoor without all the safety nets the SECOND time?
“Timeshare is Real Estate” and when it is treated as real estate it maintains its’ dignity, respect and value. Timeshare was originally regulated and sold as real estate. Timeshare should be treated as real estate on the secondary marketplace. Entities practicing real estate without a license will not survive in a legitimate environment.
The current Federal Trade Commission's Timeshare Tips state:
"Selling a timeshare is a lot like selling any other piece of real estate"
Ask if the reseller's agents are licensed to sell real estate"
"Deal only with licensed real estate brokers and agents"
The Last Word Article from Developments March 2008 states:
"timeshare, fractionals, and PRC's are all part of the same industry and share the same regulation and legal structure models"
"how important the maintenance of governing rules and consumer protections are to the success of the entire vacation and shared ownership industry"
"making sure consumers understand the wonderful protections and regulatory oversight in place for all these products"
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