(a)
(1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold.
(2) This section supersedes any contrary rule at common law.
(b) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of that estate or interest.
(c) For purposes of title, a time-share estate constitutes a separate estate or interest in property, except for real property tax purposes.
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