State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_93A > GS_93A-41

§ 93A‑41.  Definitions.

When used in this Article,unless the context otherwise requires, the term:

(1)        "Commission"means the North Carolina Real Estate Commission;

(2)        "Developer"means any person or entity which creates a time share or a time share projector program, purchases a time share for purpose of resale, or is engaged in thebusiness of selling its own time shares and shall include any person or entitywho controls, is controlled by, or is in common control with the developerwhich is engaged in creating or selling time shares for the developer, but aperson who purchases a time share for his or her occupancy, use, and enjoymentshall not be deemed a developer;

(3)        "Enrolled"means paid membership in exchange programs or membership in an exchange programevidenced by written acceptance or confirmation of membership;

(4)        "Exchangecompany" means any person operating an exchange program;

(5)        "Exchangeprogram" means any opportunity or procedure for the assignment or exchangeof time shares among purchasers in the same or other time share project;

(5a)      "Independentescrow agent" means a licensed attorney located in this State or afinancial institution located in this State;

(6)        "Managingagent" means a person who undertakes the duties, responsibilities, andobligations of the management of a time share program;

(7)        "Person"means one or more natural persons, corporations, partnerships, associations,trusts, other entities, or any combination thereof;

(7a)      "Projectbroker" means a natural person licensed as a real estate broker anddesignated by the developer to supervise brokers at the time share project;

(8)        "Purchaser"means any person other than a developer or lender who owns or acquires aninterest or proposes to acquire an interest in a time share;

(9)        "Timeshare" means a right to occupy a unit or any of several units during fiveor more separated time periods over a period of at least five years, includingrenewal options, whether or not coupled with a freehold estate or an estate foryears in a time share project or a specified portion thereof, including, butnot limited to, a vacation license, prepaid hotel reservation, club membership,limited partnership, vacation bond, or a plan or system where the right to useis awarded or apportioned on the basis of points, vouchers, split, divided, orfloating use;

(9a)      "Time shareinstrument" means an instrument transferring a time share or any interest,legal or beneficial, in a time share to a purchaser, including a contract,installment contract, lease, deed, or other instrument;

(10)      "Time shareprogram" means any arrangement for time shares whereby real property hasbeen made subject to a time share;

(11)      "Time shareproject" means any real property that is subject to a time share program;

(11a)    "Time shareregistrar" means a natural person who is designated by the developer torecord or cause time share instruments and lien releases to be recorded and tofulfill the other duties imposed by this Article;

(12)      "Time sharesalesperson" means a person who sells or offers to sell on behalf of adeveloper a time share to a purchaser; and

(13)      "Time shareunit" or "unit" means the real property or real propertyimprovement in a project which is divided into time shares and designated forseparate occupancy and use. (1983, c. 814, s. 1; 1985, c. 578, s. 1; 1999‑229,ss. 13, 14.; 2000‑140, s. 19(b); 2005‑395, s. 20.)