Which description best defines a timeshare?

The definition of a timeshare emphasizes that it involves co-ownership of a property, where multiple parties share the rights to use the property at different times. This arrangement allows individuals to enjoy the benefits of a vacation home or resort without the full financial burden of ownership, as costs are divided among the co-owners. Timeshares typically allow for a set period of use each year, which can vary based on the specific terms of the agreement.

The other options describe different real estate concepts. A type of rental agreement for vacation properties lacks the element of ownership, whereas a leasehold property arrangement refers to a different legal structure in which one party leases property from another. A real estate investment trust (REIT) pertains to companies that own, operate, or finance real estate to earn income, which is not comparable to the personal sharing arrangement inherent in a timeshare. Therefore, the co-ownership aspect with designated usage times successfully captures the essence of what a timeshare represents.