In the simplest terms, timeshare allows you to purchase - in the form of fee-title, right to use, or leasehold - a certain amount of time that you will use on vacation. Generally, timeshares are purchased and used in resort-type accommodations. Depending on the type of timeshare, owners may exchange or trade their accommodations, split larger accommodations into smaller accommodations for longer periods of time, and take advantage of a myriad of other benefits offered by either the resort or the exchange company with which the resort is affiliated.