Glossary

An auction of one or more properties conducted in a meeting room facility.

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.

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.

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.

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.

The number issued to each person who registers at an auction.

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.

The person who is responsible for the accounting and paperwork at an auction sale.

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.

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.