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"AS IS"  look up translate image
Prospective bidders are encourage to inspect closely the property being sold prior to bidding and to determine through the inspection, to be of acceptable quality and value, separate and distinct from any representation made. The auctioneer shall not be responsible for the correct description, authenticity, genuineness of, or defect in any lots, and makes no warranty in connection therewith. As no warranty is given with any lot, therefore no sale is invalid or voidable by reason of any fault in...(more)
"AS IS"  look up translate image
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".
"AS-IS" OR "WHERE-IS"  look up translate image
there is no warranty on the merchandise and the bidder is responsible for removal from the auction location. This means that the bidder must rely on their own information to make bidding decisions. The bidder is responsible to inspect and move the merchandise.
AARE (ACCREDITED AUCTIONEER, REAL ESTATE)  look up translate image
The professional designation awarded by the Auction Marketing Institute, Inc. to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice.
ABSENTEE BID  look up translate image
A procedure that 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 auction company. The particular rules and procedures of absentee bids are unique to each auction company.
ABSENTEE BIDDER  look up translate image
A person (or entity) that is not present at the auction but submits, in advance, a written or oral bid that is the top price they will pay for a given asset.
ABSENTEE BIDS  look up translate image
This is when a prospective buyer places a bid on an item without attending the sale. The bid is submitted prior to the auction by whatever means the auctioneer has stipulated
ABSOLUTE  look up translate image
Items sold Absolute at auction are sold with no minimum opening bid requirement and no reserve. The item will be sold to the highest bidder regardless of price.
ABSOLUTE AUCTION  look up translate image
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."
ACCOUNTING OF SALE  look up translate image
A report issued to the seller by the auctioneer or auction company detailing the financial aspects of the auction.
ACCREDITED AUCTIONEER REAL ESTATE (AARE)  look up translate image
The professional designation awarded by the NAA Education Institute to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. In order to be designated with the AARE, auctioneer-scholars are required to complete 42 classroom hours, a detailed written auction summary report, proof of at least 10 real estate auctions, and 24 hours of continuing education every three years.
ADVERTISING  look up translate image
Non-personal, paid communication such as a newspaper, radio, direct mail and TV directed toward the general public or, in some cases, specific prospective client groups to provide information about the time, place, contents, and arrangements of an auction.
AGENT  look up translate image
A person who acts on behalf of another individual or entity.
ALL FOR ONE MONEY  look up translate image
multiple items are being offered for sale and what you bid is one price for all of the items. Bids for individual items are not accepted.
AMERICA BANKRUPTCY INSTITUTE (ABI)  look up translate image
The American Bankruptcy Institute is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues.
AMERICA SOCIETY OF APPRAISERS (ASA)  look up translate image
The American Society of Appraisers is an international organization of appraisal professionals and others interested in the appraisal profession. ASA is the oldest and only major appraisal organization representing all of the disciplines of appraisal specialists.
AMERICAN AUCTION  look up translate image
This type of auction has a number of items offered at the same price, the highest bid for the most items wins the bidding
APPRAISAL  look up translate image
The act or process of estimating value.
APPRAISAL FOUNDATION, THE  look up translate image
A not-for-profit organization dedicated to the advancement of professional valuation, established by the appraisal profession in the U.S. in 1987. Since its inception, the Foundation has worked to foster professionalism in appraising. It is authorized by Congress as the source of appraisal standards and appraiser qualifications.
APPRENTICE AUCTIONEER  look up translate image
An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
AS IS  look up translate image
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."
ASSET BROKERAGE  look up translate image
The sale of items that are one of a kind or with a small installed base that are not conducive to a traditional auction sale.
ASSET STABILITY RATING  look up translate image
Information provided as part of Heritage Global Partners Asset Advisory Services and Appraisals. The rating includes qualitative information on asset installed base, expected technological and financial obsolescence as well potential off-shore value. Also referred to as the "story behind the numbers."
ASSET VISIT SERVICE  look up translate image
A service provided by Heritage Global Partners to inspect and provide pertinent information to prospective bidders. Visits are made by either an in-house expert or a knowledgeable global partner in that asset sector and geography.
AUCTION  look up translate image
A method of selling property in a public forum through open and competitive bidding. Also known as "public auction" or "auction sale."
AUCTION BLOCK  look up translate image
The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.
AUCTION ESTIMATE  look up translate image
The price range an object/property is expected to sell at an auction. Determined by the auction house, the price is based on an analysis of the object/property and prices achieved by other similar objects. The auction estimate is often the price included in auction catalogs. Also known as Pre-Sale Estimate.
AUCTION HOUSE  look up translate image
Usually refers to auctioneers who hold auctions at their own premises. The company is referred to as an auction house
AUCTION LISTING AGREEMENT  look up translate image
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 MARKETER  look up translate image
An individual who contracts with sellers for the auction method of marketing property. In the case of real property, the individual may not actually conduct the sale but is directly responsible for all aspects of marketing the property.
AUCTION MARKETING  look up translate image
The method of marketing assets utilizing the auction method of sale.
AUCTION MARKETING INSTITUTE, INC.  look up translate image
Founded in 1976, this international association awards the professional designations CAI and AARE to properly qualified auctioneers through education, experience, and adherence to a strict code of ethics and standards of practice. Formerly known as the Certified Auctioneers Education Institute, Inc.
AUCTION PLAN  look up translate image
The plan for pre-auction, auction-day and post-auction activities.
AUCTION PRICE  look up translate image
The price of a property obtained through the auction method of marketing.
AUCTION SUBJECT TO CONFIRMATION  look up translate image
(See "Reserve Auction")
AUCTION TECHNOLOGY SPECIALIST (ATS)  look up translate image
A professional designation awarded by the NAA Education Institute to help professional auctioneers understand today's technology and how to use it to improve their business. ATS auctioneers gain experience in conducting live and online static auctions. In order to be designated with the ATS, auctioneer-scholars are required to complete 21 classroom hours, proof of at least three online auctions and 24 hours of continuing education every three years.
AUCTION VALUE  look up translate image
The price that a particular property brings via competitive bidding at public auction.
AUCTION WITH RESERVE  look up translate image
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.
AUCTION WITHOUT RESERVE  look up translate image
(See "Absolute Auction")
AUCTION WITHOUT RESERVE (ABSOLUTE AUCTION)  look up translate image
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.
AUCTIONEER  look up translate image
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.
AUCTIONEER SUBCONTRACTOR  look up translate image
An auctioneer hired by the principal auctioneer. Also known as a "Contract Auctioneer."
AUTHENTICATION  look up translate image
A process, in which it is determined if an item is genuine and is as described.
AUTHORSHIP  look up translate image
Used in auction catalogs to identify the creator of an object.
AUTO PROGRESSIVE BIDDING  look up translate image
This feature of our Smart Auctions technology allows a bidder to submit their highest possible bid for a listing in an auction, prior to the start of the auction. Then, once the auction begins, if any competitive bids are submitted against the bidder's lowest bid, the SmartAuctions technology will incrementally increase the bid so that the bidder remains the highest bidder. If another customer submits a bid higher than that the first bidder's established maximum bid, the first bidder will lose the...(more)
AUTOMATIC EXTENSION  look up translate image
An option for sellers where if there are bids made near the closing time at the end of an auction, it is extended for a period of time.
BALLROOM AUCTION  look up translate image
An auction of one or more properties conducted in a meeting room facility.
BANK GUARANTEE LETTER  look up translate image
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 paying with currency at auction.
BANK LETTER OF CREDIT  look up translate image
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 paying with currency at auctions.
BANK LETTER OF CREDIT/GUARANTEE  look up translate image
A notarized letter from a bank or other financial institution, on their letterhead certifying that they will guarantee a check up to a specified amount at a specified sale for a specified person. This letter is often requested from prospective bidders or buyers who are wishing to pay for purchases by personal or company check.
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Auction terms
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Created by admin
Created on 2012-08-04 18:13:58
Number of terms 284
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Sources
  • California State Auctioneers Association |  Auction Terms Glossary
    caauctioneers.org
    CSAA exists to promote the auction method of marketing through professional and ethical auctioneering practices in the state of California.
  • Glossary of Auction Terms
    www.equipnet.com
    Glossary of Auction Terms
  • Glossary of Property Auction Terms
    www.symondsandsampson.co.uk
    Symonds & Sampson is one of the UK's leading independent residential and commercial property auctioneers. We hold monthly sales of all types of freehold and leasehold property from houses, building plots, land and farms through to the most unusual.
  • Auction & Art Glossary - artnet Online Auctions
    www.artnet.com
  • Auction Advisory
    www.auctionadvisory.com
    Thousands of Auction Listings, Including ALL Government, Estate, Antique, Bankruptcy, IRS, Customs, Police, DOD,+++ Motherload of Auctions!
  • Auction Glossary of Terms < Auction Guides < AuctionNews.co.uk
    auctionnews.co.uk
    Extensive glossary of frequent and not so frequent terms used throughout the Auction industry.
  • Auction Glossary, Terms, Dictionary & Lingo | Auction Systems, Arizona
    www.auctionandappraise.com
    Visit Auction Systems' Auction Glossary for explanations of words and lingo used in auctions.
  • Auction Terminology
    www.pickensauctions.com
    "
  • Glossary of Art Auction Terms - Art Market, Auction Catalogues & Provenance Research - Yale University Library Subject Guides at Yale University Library
    guides.library.yale.edu
    Yale University Library Subject Guides. Art Market, Auction Catalogues & Provenance Research. Glossary of Art Auction Terms.
  • Glossary of Auction Terms
    www.weeseauctionco.citymax.com
    Crockett Virginia Auctioneer : estate auctions, real estate auctions,storage auctions, commercial auctions, and liquidations.
  • Glossary of Auction Terms | Bentley & Associates, LLC - The Southwest's Premier Auction Company
    auctionsouthwest.com
    Glossary of Auction Terms A B C D E F G H I J K L...
  • Glossary of Auction Terms | Heritage Global Partners
    www.hgpauction.com
    Heritage Global Partners is a leading, full service, global auction and asset advisory firm. Our managing partners, Ross and Kirk Dove, bring over a half century of worldwide experience and expertise in virtually every industrial sector and geography.
  • Glossary of Auction Terms | InterSites
    www.intersites.co.uk
  • Glossary of Auction Terms | realtor.org
    www.realtor.org
    The following is a glossary of real estate auction terms developed by NAR&#39;s Real Estate Auction Committee, the National Auctioneers Association, and the Auction Marketing Institute. While it is a real estate glossary, most of the terms apply to all types of auctions.
  • Glossary of Auction Terms and Definitions
    www.deaauctions.com
    Glossary of auction terms and definitions such as bid, bidder, absolute auction, and many others.
  • Glossary of Auction Terms by Auctions Neapolitan
    www.auctionsneapolitan.com
  • http://www.go-dove.com/en/help/glossary.asp
    www.go-dove.com
  • http://www.svdisposition.com/buy-assets/documents/Glossary%20of%20Auction%20Terms.pdf
    www.svdisposition.com
  • National Auctioneers Association - About NAA - Glossary of Auction Terms
    www.auctioneers.org
    "