This is the Glossary description. This can be changed by editing the Taxonomy Vocabulary.
- Absentee Bidsearch for term
A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits
an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or
his representative. The particular rules and procedures of absentee bids are unique to each auction company.
- Absolute Auction search for term
An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally
or through an agent. Also known as an auction without reserve.
- Agentsearch for term
A person who acts for or in the place of another individual or entity by authority from them.
- AICsearch for term
- Appraisal search for term
The act or process of estimating value.
- Apprentice Auctioneersearch for term
An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
- Auctionsearch for term
A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale.
- Auction Listing Agreement search for term
A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the
agreement and the rights and responsibilities of each party.
- Auction With Reserve search for term
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may
not be disclosed and the seller reserves the right to accept or decline any bid within a specified time. Also known as auction subject to
conormation and reserve auction.
- Auctioneer search for term
The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or
cry the auction.b
- Ballroom Auction search for term
An auction of one or more properties conducted in a meeting room facility.
- Bank Letter of Credit search for term
A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders
or buyers who are not payingwith currency at auctions.
- Bidsearch for term
A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized
increments established by the auctioneer.
- Bid Assistantssearch for term
Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective
bidders with information to help them in their buying decision. Also referred to as ground men.
- Bid Callersearch for term
The person who actually "calls," "cries or "auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder.
Commonly known as the auctioneer.
- Bid Number search for term
The number issued to each person who registers at an auction.
- Bidder's Choice search for term
A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or
like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences,
with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
- Bookkeeper or Clerk search for term
The person who is responsible for the accounting and paperwork at an auction sale.
- Broker Participationsearch for term
An arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the
owner of the property or the auction firm.
- Buyer's Premium search for term
An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.c
- Carrying Chargessearch for term
The costs involved in holding a property which is intended to produce income (either by sale or rent) but has not yet done so,
i.e., insurance, taxes, maintenance, management.
- Closingsearch for term
Time and place for the exchange of money for ownership. Generally handled by a title company or an attorney.
- Commission search for term
The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property
established by contract (the listing agreement) prior to the auction.
- Contract search for term
An agreement between two or more persons or entities which creates or modifies a legal relationship.e
- Estate Sale search for term
The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.l
- Listing Brokersearch for term
A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement
to supersede his/her listing agreement.m
- Market Value search for term
The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite
to a fair sale, the buyer and seller, each acting prudently, knowledgeably.n
- National Auctioneers Associationsearch for term
An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical
standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting
auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions
affecting the auction profession.o
- On-site Auction search for term
An auction conducted on the premises of the property being sold. Majority of properties are sold on site.
- Opening Bid search for term
- Preview search for term
Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.r
- Referring Brokersearch for term
A real estate broker who does not have a listing on a property, but refers the auction company to a potential seller for an auction.
Usually earns a flat fee commission for referring product to an auction company.
- Regroup search for term
A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected
by other bidders, thereby creating one larger parcel out of several smaller parcels.s
- Seller search for term
Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.t
- Tax Sale search for term
Public sale of property at auction by governmental authority, due to nonpayment of property taxes.
- Termssearch for term
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums,
possession, reservesand any other limiting factors of an auction. Usually included in published advertisements or announced
by the auctioneer prior to the start of the auction.
- Tie Bidssearch for term
When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.
- Trustee's Salesearch for term
A sale at auction by a trustee.“
- “As Is”search for term
Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely
responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition.”