76-1702. Terms, defined.

For purposes of the Nebraska Time-Share Act, unless the context otherwise requires:

(1) Acquisition agent means a person who by means of telephone, mail, advertisement, inducement, solicitation, or otherwise attempts directly to encourage any person to attend a sales presentation for a time-share program;

(2) Commission means the State Real Estate Commission;

(3) Developer means in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program, but does not include a person acting solely as a sales agent;

(4) Development, project, or property means all of the real property subject to a project instrument and containing more than one unit;

(5) Exchange agent means a person who exchanges or offers to exchange time-share intervals in an exchange program with other time-share intervals;

(6) Managing agent means a person who undertakes the duties, responsibilities, and obligations of the management of a time-share program;

(7) Offering means any offer to sell, solicitation, inducement, or advertisement whether by radio, television, newspaper, magazine, mail, or any other means of communication, whereby a person is given an opportunity to acquire a time-share interval;

(8) Person means one or more natural persons, corporations, partnerships, limited liability companies, associations, trusts, other entities, or any combination thereof;

(9) Project instrument means one or more recordable documents applicable to the whole project by whatever name denominated, containing restrictions or covenants regulating the use, occupancy, or disposition of an entire project, including any amendments to the document, but excluding any law, ordinance, or governmental regulation;

(10) Public-offering statement means that statement required by sections 76-1713 and 76-1714;

(11) Purchaser means any person other than a developer or lender who acquires an interest in a time-share interval;

(12) Sales agent means a person, licensed by the commission as a real estate broker or salesperson, who sells or offers to sell time-share intervals in a time-share program to a purchaser;

(13) Time-share estate means an ownership or leasehold estate in property devoted to a time-share fee or a time-share lease;

(14) Time-share instrument means any document by whatever name denominated creating or regulating time-share programs, but excluding any law, ordinance, or governmental regulation;

(15) Time-share interval means a time-share estate or a time-share use;

(16) Time-share program means any arrangement for time-share intervals in a time-share project whereby the use, occupancy, or possession of real property has been made subject to either a time-share estate or time-share use whereby such use, occupancy, or possession circulates among purchasers of the time-share intervals according to a fixed or floating time schedule on a periodic basis occurring annually over any period of time in excess of three years in duration;

(17) Time-share project means any real property that is subject to a time-share program;

(18) Time-share use means any contractual right of exclusive occupancy which does not fall within the definition of a time-share estate, including, without limitation, a vacation license, prepaid hotel reservation, club membership, limited partnership, or vacation bond; and

(19) Unit means the real property or real property improvement in a project which is divided into time-share intervals.

Source:Laws 1980, LB 945, § 2; Laws 1993, LB 121, § 486; Laws 2001, LB 68, § 2.