What is the status of a timeshare before it is classified as such?

Before a timeshare is classified as such, it is referred to as a "project." This designation indicates that the property is in the stages of development or organization before it has been formally designated as a timeshare. The term "project" encompasses the planning and construction phases, during which the various aspects of the timeshare program are being established, including the definition of ownership rights, maintenance provisions, and the overall framework for the timeshare operation.

The other options pertain to different categories of property or real estate. Investment property refers to real estate purchased for generating income or capital appreciation. A condominium is a specific type of real estate ownership where individuals own specific units and share ownership of common areas. Real estate listing typically refers to properties actively being marketed for sale, and while a timeshare can be listed, it does not capture the developmental phase that a project does. Therefore, identifying a timeshare as a "project" reflects its pre-classified status accurately.