Personal Finance Timeshares

What is a time share?

• A type of vacation where you travel through different time zones

• A type of property ownership where multiple people have access to the same property at different times

• A type of vacation where you share a room with someone else

• A type of vacation where you only stay for a limited amount of time

How are time shares often sold?

• Online through travel booking websites

• Through television commercials

• In person through long sales presentations during vacations

• Through word of mouth referrals

What is a common tactic used by time share salespeople to get people to commit to a purchase?

• Offering free gifts or vacations

• Offering discounts on future vacations

• Lying about the cost and benefits of the time share

• All of the above

How much is the time share industry worth?

• $1 million

• $8.1 billion

• $100 billion

• $500 million

What is a floating week in a time share?

• A week where you can stay in any location you choose

• A week where you are assigned a different property each day

• A week where you have access to a specific property but can choose any week within a given time frame

• A week where you have access to a specific property at a specific time each year

What is a vacation ownership plan?

• A type of time share that allows you to own a specific property for a specific time each year

• A type of time share that allows you to own points that can be redeemed for stays at various properties owned by the same company

• A type of vacation where you own the property you stay in

• A type of vacation where you own the resort you stay in

What is one of the biggest problems with owning a time share?

• The high cost of purchasing a time share

• The limited amount of time you have to stay at the property

• The difficulty of getting out of a time share contract

• The lack of availability at popular vacation times

Why are timeshares not a good investment?

• They require too much maintenance

• They depreciate in value

• They have too many restrictions

• They are too expensive to purchase

What is the main point the passage is trying to make about timeshares?

• Timeshares are a great investment opportunity

• Timeshares are a good way to pass on your legacy to your children

• Timeshares are difficult to get rid of and may require professional help

• Timeshares are easy to decline if you inherit them

What is the problem with inheriting a timeshare?

• Timeshares are usually located in bad areas

• Timeshares are not a good way to pass on your legacy to your children

• Timeshares may have high fees and be difficult to get rid of

• Timeshares may not be legally inherited