This text of Iowa § 557A.2 (Definitions) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
In this chapter, unless the context requires otherwise:
1.“Association” means all of the time-share interval owners of a time-share project acting
asagroup,eitherthroughanonstocknonprofitcorporationoranunincorporatedassociation,
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.
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In this chapter, unless the context requires otherwise:
1. “Association” means all of the time-share interval owners of a time-share project acting
asagroup,eitherthroughanonstocknonprofitcorporationoranunincorporatedassociation,
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.
§557A.2, TIME-SHARES 2
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-shareuse”meansacontractualrightofexclusiveoccupancywhichdoesnotfall
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.