Under California Business and Professions Code §11212, which of the following correctly distinguishes the two legally recognized categories of time-share interests?
Correct Answer
B) A time-share estate, which conveys an ownership interest in the property, and a time-share use, which conveys only a contractual right to occupy
California Business and Professions Code §11212 defines two distinct categories of time-share interests. A time-share estate is an ownership interest — typically fee simple or leasehold — in the underlying real property. A time-share use is purely contractual: the buyer acquires the right to occupy the property for specified periods but holds no ownership interest in the real property itself. This distinction has significant legal consequences for financing, transfer, and foreclosure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A certificate of occupancy (CO) is an official document issued by the local building department certifying that a building complies with building codes and is safe for occupancy. It is required before a building can be legally occupied.
A conditional use permit (also called a special use permit) allows a land use that is not automatically permitted by zoning but may be allowed under certain conditions. The use must be compatible with the surrounding area.
Deed restrictions are limitations placed in a deed that control how a property may be used by the current and future owners. They are a form of private land use control that runs with the land.
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