Question $8$

$2$ pts

A timeshare condominium is a type of lodging property in which:

guests have the right to share their "time" $($the nights they have reserved their rooms$)$ with as many other guests as the room will accommodate$-$at no additional cost.

owners, instead of purchasing an entire condominium, purchase a block of time each year during which they own a unit and have the right to stay at the condominium.

guests who must stay at a hotel for an extended period of time $($typically months$)$ for some reason $-$ moving to a new city, an extended business trip, and so on $-$ can reserve guestrooms at below$-$market prices.

owners purchase the condominium over an extended period of time $($longer than the typical thirty$-$year mortgage$),$ during which time the owners and the banks $($or other lending institutions$)$ "share" the condominium.