In a timeshare arrangement, what do owners possess based on a certain period of use?

In a timeshare arrangement, owners possess a fractional share, which refers to the specific amount of time they are entitled to use the property within a designated period, typically laid out on an annual or biennial basis. This ownership structure allows multiple parties to share the cost and usage of high-value properties, effectively dividing the ownership into time intervals that each owner can enjoy.

This model is distinctly different from full ownership, where one would own the entire property outright without time limitations. Likewise, a leasehold interest would imply a rental relationship rather than a shared ownership model, while a long-term rental agreement suggests continuity of tenancy without any ownership stake. In contrast, a fractional ownership provides a balance between personal use and shared investment in a property, making it the correct answer in the context of timeshare arrangements.