According to NRS 119A.140, how is 'Timeshare' defined?

The definition of 'Timeshare' under NRS 119A.140 specifies that it refers to the right to use and occupy a unit on a recurrent periodic basis. This means that a timeshare allows individuals to share ownership of a property, but with the stipulation that they have the right to use the unit on specific, agreed-upon times throughout the year. This arrangement is designed for vacation properties, where multiple owners can enjoy access to a unit without the costs associated with full ownership.

Choosing this definition correctly highlights the essential characteristic of timeshares: the recurring, scheduled use of a property, which distinguishes it from other forms of property use or ownership. This concept fundamentally supports the timeshare model, which aims to make vacation opportunities more affordable and accessible by sharing both the cost and time of usage among multiple owners.