(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 or estate for years, if a leasehold, except as expressly modified by this part. This shall supersede any contrary rule at common law.
(2) Each time-share estate constitutes for purposes of title a separate estate or interest in property except for real property tax purposes.
(3) A document transferring or encumbering a time-share estate in real property may not be rejected for recordation because of the nature or duration of that estate or interest.