Glossary
This is the Glossary description. This can be changed by editing the Taxonomy Vocabulary.
- Absentee Bidsearch for term
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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
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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
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A person who acts for or in the place of another individual or entity by authority from them.
- AICsearch for term
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AIC
Auctioneer in charge. The person designated by the auction company who is responsible for organizing the details of an auction. - Appraisal search for term
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The act or process of estimating value.
- Apprentice Auctioneersearch for term
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An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
- Auctionsearch for term
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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
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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
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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
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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.
