Arkansas Code Title 18. Property § 18-14-102. Definitions

(A) Is affixed to real property;

(B) Is designed for occupancy or use by one (1) or more individuals; and

(C) Is part of a time-share plan;

(5)(A) “Broker” means a person that sells or offers to sell in the ordinary course of business, time-share interests in a time-share plan to a purchaser.

(B) A broker and a sales agent conducting business from a location in this state, whether on a temporary or ongoing basis, are subject to the Real Estate License Law, § 17-42-101 et seq.

(C) A violation that results from a time-share activity is not subject to the Real Estate License Law, § 17-42-101 et seq.;

(6)(A) “Component site” means a specific geographic location where accommodations that are part of a multisite time-share plan are located.

(B) Separate phases of a single time-share property in a specific geographic location under common management are considered a single component site;

(A) Offers the time-share interest, or occupancy rights associated with the time-share interest, for resale or rental; or

(B) Engages a time-share interest transfer services provider to provide time-share interest transfer services;

(8)(A) “Developer” means:

(B) “Developer” does not include a broker who is in the business of selling time-share interests;

(12)(A) “Offering” means an offer to sell, a solicitation, an inducement, or an advertisement made in this state, whether directly or indirectly or by radio, television, newspaper, magazine, mail, or electronic media, in which a person is given an opportunity or encouraged to acquire a time-share interest.

(B) “Offering” does not include a time-share owner that may refer a person to a developer if the time-share owner's activities are limited to the referral of a prospective purchaser to the developer, the time-share owner receives nominal consideration, and does not refer more than twenty (20) prospective purchasers to the developer annually;

(A) Between a time-share interest transfer services provider and a consumer time-share reseller; and

(B) In which a time-share interest transfer services provider agrees to provide time-share interest transfer services;

(18)(A) “Reservation system” means the method, arrangement, or procedure where a purchaser is required to compete with other purchasers to reserve an accommodation of a multisite time-share plan for one (1) or more time-share periods regardless of whether the reservation system is operated and maintained by the multisite time-share plan, a managing entity, an exchange company, or other person.

(B) If a purchaser is required to use an exchange program as the principal means of reserving an accommodation and facility of the plan, the arrangement is a reservation system.

(C) If the exchange company uses a mechanism to exchange time-share periods among members of the exchange program, the use of the mechanism is not a reservation system in a multistate time-share plan;

(19)(A) “Time-share estate” means an arrangement by which the purchaser receives a right to occupy a time-share property, together with a real estate interest in the time-share property.

(B) “Time-share estate” includes real property interests held in a trust in which the owners or the owners' association of the time-share plan are the express beneficiaries of that trust and the trustee is independent of the developer.

(C) If the real property interests are held in a trust, the conveyance of the real property to the trust shall be free of financial liens and encumbrances or include a recorded nondisturbance agreement;

(A) Transfer ownership of a consumer time-share reseller's time-share interest;

(B) Assist or make a promise to assist with the transfer of ownership of a consumer time-share reseller's time-share interest; or

(C) Assist or make a promise to assist an owner of a time-share interest with a relinquishment or other voluntary disposition of the consumer time-share interest, which assistance:

(23)(A) “Time-share interest transfer services provider” means a person:

(B) “Time-share interest transfer services provider” does not include:

(C) A time-share interest transfer services provider does not qualify for exemptions to licensure listed in § 17-42-104;

(24)(A) “Time-share plan” means an arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, in which a purchaser, in exchange for consideration, receives an ownership right in or the right to use the accommodations for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance.

(B) A time-share plan may be either a:

(A) One (1) or more accommodations and related amenities that are subject to a time-share instrument; and

(B) Any other property or property rights appurtenant to the accommodations and amenities; and