REGISTRATION When you first get to the
auction, you should ask to register and obtain a bid card.
You will be asked to show proper identification to register.
You may be required to verify that you have certified funds
or cash in your possession.
HOW TO BID? Simply raise your bid card high enough
for the auctioneer to see it. Typically, the amount the
auctioneer is calling for is the price he as asking you
to pay.
ABSENTEE BID A procedure which allows
a customer to participate in the bidding process without
being physically present. It is usually handled under an
established set of guidelines by the auctioneer or his representative.
ABSOLUTE AUCTION An auction without
reserve. See Auction Without Reserve.
ACCOUNTING OF SALE A report issued to
the seller by the auctioneer detailing the financial aspects
of the auction.
ALL SALES FINAL means just that. No
refunds are given for any reason. The auctioneer will not
resale or re-auction any item that you decide you don’t
want after buying it.
AS IS means that you are purchasing
all merchandise as it is. If it is scratched, broken, incomplete,
or won’t work, that’s the way you buy it.
AUCTION WITHOUT RESERVE An auction in
which property put up for sale is sold to the highest bidder;
where no minimum price will limit the bid; where the seller
may not withdraw the property from the auction after the
first bid has been received; and where the seller may not
nullify the sale by bidding himself or through an agent.
AUCTION SUBJECT TO CONFIRMATION OR RESERVE An auction where the seller has a minimum acceptable bid
for which (s)he will sell the property. The minimum price
may or may not nullify the sale by bidding himself or through
an agent. "Auction Without Reserve" is equivalent
to the term "Absolute Auction".
AUCTIONEER A person whom the seller
engages to direct, conduct ore be responsible for a sale
by auction.
BID An offer of a price.
BID ASSISTANTS are auction staff members
who can relay your bid to the auctioneer. If you cannot
get the auctioneer’s attention, get a bid assistant
to bid for you.
BIDDER’S CHOICE when there are
several identical or similar properties or items, the bidder
bids the price (s)he is willing to pay for one. With bidder’s
choice, the bidder can take as many of the the identical
or similar lots as (s)he wants by multiplying the bid price
by the number of items. (For example, there are 10 identical
lots, the bidder bids $5,000.00 for 1 lot, and takes 6 lots
for a total of $30,000.00. The remaining 4 lots are offered
until all are sold.)
BIDDER’S KIT A package provided
by the auction company that contains information for the
bidder such as a contract, survey, and disclosure statements.
BUYER’S PREMIUM An amount of money,
usually based on a percentage of the successful bid, charged
to the successful bidder and either add3ed to the successful
bid to determine the final selling price or paid separately
but the successful bidder in addition to the successful
bid.
CLIENT The part for whom the auctioneer
sells property; it is often synonymous with "seller".
COMPLETION OF SALE A sale by auction is complete
when the auctioneer so announces by fall of the hammer or
in some other customary manner.
CUSTOMER A part who attends the auction
for the purpose of buying the property offered for sale.
EXCLUSIVE RIGHT TO SALE An auction agreement
between the owner of a property and the auctioneer giving
the auctioneer the exclusive right to sell the property
and receive the agreed upon commission when the property
is sold, regardless of who is responsible for producing
the buyer.
MINIMUM BID The lowest acceptable price
at which the seller agrees to complete the sale.
PAYMENT The auction company will accept
various types of payment. Cash, checks with bank letters
of credit, or certified funds may be required. All merchandise
must be paid for in full each day. The action company any
REFUSE ANY CHECKS without proper identification or bank
letters guaranteeing the check.
RELATED PARTY Any member of an auctioneer’s
immediate family, the auctioneer’s firm or any member
of thereof or any entity in which the auctioneer or one
of the above owns a controlling interest.
TERMS & CONDITIONS These are the
governing rules for a specific auction. Each auction’s
terms and conditions may vary and the bidder must understand
them before participating in an auction.
