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VACATION RENTAL EXCHANGE CLUB

ACCEPTANCE OF RESERVATION OFFER - is a Guest Members acceptance of the Reservation Offer made by the Host Property Owner. It is the last step of the exchange process in setting up a vacation rental agreement between property owners in the VREC System.

BORROWING POINTS - is a method for members who do not have enough points for a vacation rental exchange to borrow points through the VREC System in order to complete a VREC reservation. Borrowed points can be paid with points earned through hosting.

DECLINE OF RESERATION OFFER - An option available to a potential Guest to decline the Reservation Offer made to them by the Host property owner. This option would be exercised when the potential Guest is not in agreement with the details of the Reservation Offer made by the Host, or they are no longer interested in staying as a Guest at the property.

GUEST - A member of the Top Choice "Vacation Rental Exchange Club" (VREC), or their family or friends, who would be staying as a guest at another property using from "points" accumulated in the VREC System.

GUEST EXCHANGE FEE - A fee paid by the Guest Member to VREC by credit card at the time the Acceptance of Reservation Offer is made.

HOST - A member of the Top Choice "Vacation Rental Exchange Club" (VREC) who chooses to serve as a Host by allowing another Member of VREC to stay at their rental property in exchange for "points" in the VREC System.

POINT VALUATION - is the point value for a property determined by the property owner. For the greatest ease in use and understanding, the VREC System equates one point for each dollar of rental value. The rental value is the advertised rental cost of the property. It may increase or decrease with seasonal rates, expected vacancy levels, and other factors. The Host Member may choose to discount to lower than the published point value in the System in order to turn what would have been a vacancies at their property into VREC Points.

POINT VALUE DISCOUNTS - Reductions in the "Point Value" of a property by a Host for a Guest. Discounts may be given by a Host, especially in low occupancy times, in order to turn vacancies into points for travel opportunities in the VREC System.

POINTS - are credits that are used as currency between Guest and Host property owners for vacation rental exchanges in the Top Choice VREC System. Points are valid for three years prior to expiration.

RENTAL AGREEMENT - An agreement reached between a Host and Guest Member of the Top Choice VREC System for a property reservation. After the Host has presented a Reservation Offer, and the Guest has completed and returned it in an Acceptance of Reservation Offer, then this becomes the Rental Agreement.

RESERVATION INQUIRY PROCESS - Communication between potential Guest and Host Members in regard to the possibility of a reservation at a property in the Top Choice VREC System.

RESERVATION OFFER - an offer created by the Host Property Owner for a potential Guest. It summarizes the details of the Rental Agreement reached during the Reservation Inquiry Process between the Host and Guest Members

TOP CHOICE VREC MEMBER - A vacation property owner who is a member of the Top Choice Vacation Rentals website with a property listed as Property For Rent or Property For Sale, and who has chosen to be a participating member of the Top Choice "Vacation Rental Exchange Club" (VREC) System. It may also be a vacation property owner who has joined the Top Choice VREC System with a private vacation property. A Top Choice VREC Member is a Host Member when their property is the destination for another member, or a Guest Member when they stay at another property.

VREC AVAILABILITY CALENDAR - A calendar showing dates when a property is available, and when it is not available for exchanges in the VREC System. Dates shown in green are available for Reservation Inquiries through the VREC System. Dates shown in red are unavailable for VREC travel.

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