When you buy Disney Vacation Club points, you are given a specific month that techincally begins your "use year." IN your example, the seller gets 350 points to use every year, but beginning in June NOT January.
In WDW, there are 5 resorts that are at least partially DVC resorts:
Old Key West
Boardwalk Villas
Beach Club Villas
Villas @ Wilderness Lodge
Saratoga Springs Resort
Disney also owns DVC resorts in Hilton Head, SC & Vero Beach, FL. Animal Kingdom Lodge is being partially converted to be a part of DVC, Contemporary Resort may follow.
In your example, the Villas at Wilderness Lodge is the seller's "home resort." This DOES NOT mean that the seller (or you, if you buy those points) cna only stay at Wildernes Lodge. You can use your points anywhere, the only difference is that you can book a room at your "home resort" up to 11 months in advance. Any other resort, I think you can book 7 months in advance.
This seller apparently has 350 points. How many points you use on a vacation depends on various factors-
1: the length of your stay,
2: the time of year (peak times use more points, and this is where the terms like "Dream" "Choice" and "Adventure" come in, follow this link for the times of year the points change
http://www.dvcbyresale.com/wildernesslodge.html ),
3: which resort you choose
4: what kind of room you book (studio with kitchenette, one-bedroom with kitchen, two-bedroom with kitchen, and some resorts have Grand Villas which can sleep up to 12 people, and require A LOT of points).
If you don't use all your points during your "use year," you can set them aside or "bank" them for one extra year, but then you gotta use 'em or lose 'em. If you're planning a big blowout vacation and need more points, you can "borrow" up to one years' points in advance. (Some people also rent their points for a year if they know they're not going away that year and would like some extra cash, and you can always rent those points instead of borrowing your own)
Now, in addition to hhose resorts, Disney works with other time-share companies to offer vacations all over the world. This includes the World Passport Collection, the fancier Concierge Collection (which uses more points) and The Adventurer Collection (which has nothing to do with the "Advenure" season) where you can do things like go on an actual African Safari or a biking tour of Italy, and they use many many many points.
You can also use your points for a Disney Cruise, but again, a whoooooole lot of points.
And finally, other Disney resorts use DVC points too, including Deluxe & Moderate resorts in WDW, and hotels at Disney parks in California, Tokyo and Paris! But they do use many more points than staying in a DVC resort).
Finally, the main drawback to buying into DVC is that, while you technically own it as a timeshare, your deed reverts back to Disney eventually. You can will your points to your kids or grandkids, but at a deisgnated time, Disney gets 'em back no matter what. Saratoga Springs is the newest resort, so if that's your home resort, your points expire in (I think) 2054. Every other home resort's points expire in (I think) 2042.
I hope this answered your questions
EDIT-some other questions or things you might like to know
DVC members save on annual passes. 100 bucks off a regular annual pass (which includes the 4 main parks) and 125 off the Premum Annual Pass (which includes the 4 main parks, the water parks, & Pleasure Island)
Also, you don't have to be a DVC member to stay at a DVC resort or DVC room. You can, for example, rent a 1-bedroom suite, assuming they're not all booked whem you want to go.