A vacation property is any residence that is used primarily for vacation and recreation purposes, but that is not your principal residence. This can include a cottage, cabin, beach house, time share condo, or ski chalet. A vacation home is also referred to as a 'second home' in North America, a weekender (in Australia) or, as they're known in New Zealand, a bach or crib. Here in Canada we usually refer to a lake house as 'the cabin'.
The difference between owning a vacation property and owning a time share is that with a vacation property, you actually own the property. With a time share, you own the right to use the property at certain times of the year, but you have no ownership interest in the actual real estate. Fractional ownership, on the other hand, is an actual deed interest in the property in a tenancy-in-common purchase arrangement with other purchasers. The co-owners then work out the terms and conditions of their common usage of the property.