Glossary
This Glossary is provided to users of the website as a guide to terms and information they may find helpful. Definitions are added, edited or removed occasionally.
IVR - Inspected Vacation Rental
A lodging unit that has been inspected and meets the standards of the Vacation Rental Association (VRIA). Designated as "Blue Ribbon" and "Inspected Vacation Rental (IVR)" These include rules for outfitting, cleanliness, maintenance and truthful advertising, The terms Blue Ribbon and IVR are trademarks owned by the Vacation Rental Association.
See also: Blue Ribbon Rental, VVR, Verified Vacation Rental Origin: Vacation Rental Association
Key Safe
A stout box which can be attached to a build, that requires a user to punch in a numerical combination code in order to retrieve a key from inside. Usually a mechanical device, not electronic. Some types can be hung on a door knob.
Origin: Istay
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
Leisure Travel
Travel for recreational, educational, sightseeing, relaxing and other experiential purposes.
Origin: Vacation Rental Association
Limited Vacation Rental Manager
A locally owned and operated company that manages multiple second homes for short-term rental such as cabins, condos, cottages, houses, villas, etc. Provides onsite services and marketing without aid of a support organization. May also refer to an individual who works at such a company.
Origin: Vacation Rental Association
Linens
Usually cotton materials used for sheets, pillow cases and other bedding
See also: Bedding, Textiles, towels, fleece Origin: May, William
Location
A geographic description of where properties are located. Locations are located within Destinations, which are located within States, which are located within Countries. For example, Poipu Beach is a Location. The island of Kauai is a Destination and Hawaii is the state. These geographic descriptions are not precise and are sometimes named to accommodate various geographic features.
See also: Destination, State, Country Origin: Istay
Lock Off
A room or additional rental area which can be separate from the main rental area of hotel, motel or vacation rental unit.
Origin: Vacation Rental Association
Lodging Locator
Hierarchy of Countries, States, Destinations, Locations and Resorts perhaps more logical than using traditional postal codes, cities and states to indicate where a lodging property is situated.
Origin: Istay
Lodging Taxes
Includes the sales, tourism and sometimes other taxes imposed on lodging by governments in a given destination. Facilities are required to add these taxes to the price of lodging and sometimes other costs.
Origin: Vacation Rental Association
Long-Term Rental
Rental of a cabin, condo, apartment, house or villa for mmore than 30 days, usually for 6 or 12 months, usually with option to continue longer. Think of his as "conventional rental and documented with a lease. Usually fully furnished including a kitche, bath and sleeping area.
See also: Short-term Rental, Mid-Term Rentall, Vacation Rental, Holiday Let, Holiday Home Origin: Vacation Rental Association Link: VacationRentalAssociation.org
Lost & Found
Most owners or managers have a location at which articles found in a lodging property are kept for a short period of time. Owners and managers do not take responsibility for lost and found items nor offer guarantee that such items will be located after a guest's departure.
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
Low Season
The season when guest occupancy and rates are lowest.
See also: Travel Seasons, Peak Season, Shoulder Season 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
Market Share
The percentage of business within a market category.
Origin: Vacation Rental Association
Market Volume Market Volume
The total number of customers within a market category.
Origin: Vacation Rental Association
Member
A person who has subscribed to any website membership plan.
Origin: Redstone Systems
Merchant Account
In order to accept credit cards as payment from customers, a merchant must secure a merchant account from a provider, often a bank or financial institution. Merchant accounts can be difficult to obtain, and the merchant is required to pay fees and a percentage of the invoice amount to the provider for every transactions.
See also: Chargeback, Chargeback Reversal Origin: Vacation Rental Association
Mid Rise Building
A building, often used for office space and usually between four and 12 floors.
Origin: Vacation Rental Association
DETAILS: Glossaries and Dictionaries are handy tools. They provide an indication of meaning but additional study may be necessary to comprehend the full meaning. There may be alternate definitions not included here and experts may disagree on the proper explanation of each term.
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