Which type of ownership allows a person to prepay for a timeshare instead of renting it?

The correct answer is vacation ownership, which refers to a real estate product that allows individuals to purchase the right to use a property for a specified period each year. This type of ownership enables a person to prepay for their use of the timeshare property, offering a more secure and planned investment compared to traditional renting.

In contrast, timeshare ownership generally refers to specific arrangements where individuals share ownership of a property for a defined period annually. This can include rental options but does not inherently emphasize the prepayment aspect. Shared ownership, while somewhat similar, often involves multiple parties owning a fraction of the property without the specific rights and benefits associated with timeshare agreements. Condominium ownership entails owning a unit within a larger complex with shared common areas but does not specifically pertain to the concept of prepayment for vacation usage like vacation ownership does.

Vacation ownership is designed to provide the user with a more predictable and committed plan for vacationing at a particular location, making it the most fitting answer in this context.