It depends upon if you are renting the points for $ or gifting the reservation.
If you are renting for $, our
DVC contracts require us to inform DVC, and stste we need a contract (which is always a good idea) between you and the renter. The contract should spell out payment terms, cancellation and rebooking allowances (if any) and so fourth. But, basically, yes, you just make a reservation in their name...be sure to have their address/phone number info handy, as well as the names of everyone in their traveling party, and their ages (if under 18) at the time of travel.
I've never actually rented points but I've gifted reservations often. Rather than a contract, I generally type up a few pages explaining the
DDP options, cancellation date options specific to my use year, somethings about the resort and rooms they've chosen, etc. And then you just make the reservation in their name, as with a rental.