Greg - I think you are right about MAR ROFR. Here's why I think Marriott must ROFR these points.
I have to disagree that Marriott has to ROFR (as we traditionally think of ROFR). I took the following from Page 3, Section VI of the Marriott Ownership Resorts Inc. (MORI) disclosures guide at
https://www.my-vacationclub.com/common/vc/en-us/pdfs/enrollment_legal_docs/disclosure_guide.pdf
"If the purchase of an Interest is not made from an Approved Broker, then the owner of such Interest(s) may not be entitled to Exchange Benefits in Exchange Company’s sole and absolute discretion, even if the initiation fee is paid. Additional payments may be required to access the Exchange Benefits."
So, it seems that MORI can refuse to grant buyer trading privileges with their newly purchased points? MORI can demand additional monies from the buyer to be able to exercise their newly purchased points? I'm not sure that sellers don't have an obligation to disclose these potential encumbrances on their points if they choose to attempt to sell them directly, or that if the seller doesn't disclose, they risk liability to their buyers.