Dictionary
This Glossary is provided to help guests understand more about the rental of inns, resorts and vacation rentals. It is not comprehensive but serves as a primer for terms guests may encounter in renting specialty lodging. Not all terms apply to all properties or managers.
Carpet Cleaning
Usually performed periodically by a vendor using specialized steam or other equipment to clean wall-to-wall carpeting.
Origin: Vacation Rental Association
Chambers of Commerce
Typically, a Chamber of Commerce will specialize in local economic development that can include tourism promotion.
Origin: Vacation Rental Association
Chargeback
When a customer requires their credit card company to reverse charges they have made with a merchant. This withdraws funds from the merchant's account without their prior permission. Customer must state a valid reason, but it is not evaluated prior to issuing the chargeback.
See also: Charge Back Reversal Origin: Vacation Rental Association
Chargeback Reversal
After a customer requires their credit card company to perform a chargeback or reverse charges they have made with a merchant, the merchant can request that his merchant account provider pursue having the chargeback reversed.
See also: Chargeback Origin: Vacation Rental Association
Configuration
The arrangement of furniture, equipment and other features of a property including the specific layout and location.
Origin: Vacation Rental Association
Cooperative Marketing
Marketing programs involving two or more participating companies, institutions, organizations or even competitors. Sometimes includes property owners.
Origin: Vacation Rental Association
Damage Deposit
A payment customers make to property owners or managers to pay for any damage or overage fees they may incur. Not common in hotels or motels but very common for vacation rental cabins, condos and homes. If a guest incurs such charges they are subtracted from the deposit prior to its return. Sometimes called a Security Deposit.
See also: Security Deposit Origin: Vacation Rental Association
Deep Cleaning
Heavier than usual cleaning, usually done at least annually it is necessary to have housekeepers clean high spots, behind appliances, baseboards and hard to reach areas.
Origin: Vacation Rental Association
Discrimination
Restricting renters on the basis of race, color, religion, sex, familial status, disability, or national origin as prohibited under the Fair Housing Act.
Origin: Vacation Rental Association
Domain Names
An internet address such as Amazon.com stated in letters and characters. Each domain leads to a numerical address on the Internet called a IP address such as 92.19..45.1. Domain names are used to make internet addresses more memorable. These names are registered with a controlling body and require fees for annual renewal.
Origin: Redstone Systems
Electronic Lock
A digital or push button mechanical lock that does not require a key or access card to operate.
Origin: Vacation Rental Association
Equity
A landlord's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on it's mortgage and other liens.
Origin: Vacation Rental Association
Eviction
The lawful expulsion of an occupant from a property.
Origin: Vacation Rental Association
Executive Suites
A collection of offices rented to individual offices which are provided with access to to her space and services such as conference room, reception area, photocopier, etc.
See also: Share Office Space, Temporary Office Space Origin: Vacation Rental Association Link: ExecutiveSuites.com
Fee Simple
When a real estate property is held in the property owner's name and ownership can be transferred at the will of the owner without other restrictions..
Origin: Vacation Rental Association
High Rise Building
A building that may include various types of space, and often office space that is 12 or more floors in height.
Origin: Vacation Rental Association
Icon
A facility or landmark which is visually synonymous with a destination.
Origin: Vacation Rental Association
Leasehold Interest
When an owner of a property leases the property to second party, that party is said to have a leasehold interest. They have certain rights in regard to the use and disposition of the property but not the right to sell the property itself. This usually refers to a leasehold interest in land.
Origin: Vacation Rental Association
Low Rise Building
Usually a building of 3 or 4 floors or less which usually houses office spaces and sometimes first floor retail space.
Origin: Vacation Rental Association
Maintenance
The act of maintaining and providing services to a property. Sometimes routine matters such as changing furnace filters, or changing locks. Generally differentiated from work necessary to correct damages.
See also: Repairs Origin: Vacation Rental Association