Podcast
Questions and Answers
Where will the 4-hour in-person continuing education programs take place?
Where will the 4-hour in-person continuing education programs take place?
How many 2-hour CE courses will be available via Zoom?
How many 2-hour CE courses will be available via Zoom?
Who is conducting the free CE opportunities for NCALB?
Who is conducting the free CE opportunities for NCALB?
Are Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years exempt from Continuing Education requirements?
Are Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years exempt from Continuing Education requirements?
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Does the CE exemption apply to Auction Firm Designated Persons?
Does the CE exemption apply to Auction Firm Designated Persons?
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Can licensed Auctioneers or Auction Firm Designated Persons experiencing a hardship request a CE waiver for the next license renewal period?
Can licensed Auctioneers or Auction Firm Designated Persons experiencing a hardship request a CE waiver for the next license renewal period?
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What should be a concern when engaging in auctioneering activity on behalf of an unlicensed auction firm?
What should be a concern when engaging in auctioneering activity on behalf of an unlicensed auction firm?
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What should auctioneers do if they encounter something suspicious?
What should auctioneers do if they encounter something suspicious?
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Can the NCALB staff provide legal advice?
Can the NCALB staff provide legal advice?
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What is the phone number to call the NCALB office with questions?
What is the phone number to call the NCALB office with questions?
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Who is eligible to attend the free continuing education courses funded by NCALB?
Who is eligible to attend the free continuing education courses funded by NCALB?
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What is the name of the organization conducting the free continuing education opportunities for NCALB?
What is the name of the organization conducting the free continuing education opportunities for NCALB?
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How many 4-hour in-person programs will be conducted by NCALB in March and April?
How many 4-hour in-person programs will be conducted by NCALB in March and April?
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Are Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years required to take continuing education courses?
Are Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years required to take continuing education courses?
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Are Auction Firm Designated Persons exempt from continuing education requirements?
Are Auction Firm Designated Persons exempt from continuing education requirements?
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Can licensed Auctioneers or Auction Firm Designated Persons experiencing a hardship request a waiver for continuing education requirements?
Can licensed Auctioneers or Auction Firm Designated Persons experiencing a hardship request a waiver for continuing education requirements?
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What should an Auctioneer do if they receive a suspicious solicitation for auction assistance?
What should an Auctioneer do if they receive a suspicious solicitation for auction assistance?
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What is the immediate red flag when a recruiter tells auctioneers that they will 'pay you to use your license' for advertisements?
What is the immediate red flag when a recruiter tells auctioneers that they will 'pay you to use your license' for advertisements?
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Is it a violation to engage in auctioneering activity on behalf of an unlicensed auction firm in North Carolina?
Is it a violation to engage in auctioneering activity on behalf of an unlicensed auction firm in North Carolina?
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What should licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms do to ensure they follow North Carolina's laws and rules regarding auctioneering?
What should licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms do to ensure they follow North Carolina's laws and rules regarding auctioneering?
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What should an Auctioneer do if they encounter something suspicious?
What should an Auctioneer do if they encounter something suspicious?
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What is the phone number of the NCALB office for questions and inquiries?
What is the phone number of the NCALB office for questions and inquiries?
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NCALB is offering free continuing education courses for licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms to attend
NCALB is offering free continuing education courses for licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms to attend
Signup and view all the answers
The in-person continuing education programs will only take place in Albemarle, Conover, and Williamston
The in-person continuing education programs will only take place in Albemarle, Conover, and Williamston
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One of the CE courses will be available online via Zoom
One of the CE courses will be available online via Zoom
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All of the CE courses will be conducted in-person
All of the CE courses will be conducted in-person
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The Auctioneers Association of North Carolina is conducting the free CE opportunities for NCALB
The Auctioneers Association of North Carolina is conducting the free CE opportunities for NCALB
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Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years are exempt from Continuing Education requirements
Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years are exempt from Continuing Education requirements
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The CE exemption also applies to Auction Firm Designated Persons
The CE exemption also applies to Auction Firm Designated Persons
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Any licensed Auctioneer or Auction Firm Designated Person experiencing a hardship may submit a verbal request to the Board for a CE waiver
Any licensed Auctioneer or Auction Firm Designated Person experiencing a hardship may submit a verbal request to the Board for a CE waiver
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It is a violation to engage in auctioneering activity on behalf of an unlicensed auction firm
It is a violation to engage in auctioneering activity on behalf of an unlicensed auction firm
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NCALB staff can provide legal advice to licensees
NCALB staff can provide legal advice to licensees
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Licensees are encouraged to call the NCALB office with questions if they encounter something suspicious
Licensees are encouraged to call the NCALB office with questions if they encounter something suspicious
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Licensees are not responsible for their own license
Licensees are not responsible for their own license
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NCALB is offering free continuing education courses for licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms to attend.
NCALB is offering free continuing education courses for licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms to attend.
Signup and view all the answers
The CE sponsor conducting these free CE opportunities for NCALB is the National Auctioneers Association.
The CE sponsor conducting these free CE opportunities for NCALB is the National Auctioneers Association.
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The CE courses will only be available in-person in Albemarle, Conover, and Williamston.
The CE courses will only be available in-person in Albemarle, Conover, and Williamston.
Signup and view all the answers
Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years are exempt from Continuing Education requirements for annual license renewal purposes.
Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years are exempt from Continuing Education requirements for annual license renewal purposes.
Signup and view all the answers
The CE exemption applies to all Auction Firm Designated Persons.
The CE exemption applies to all Auction Firm Designated Persons.
Signup and view all the answers
Any licensed Auctioneer or Auction Firm Designated Person experiencing a hardship may submit a verbal request to the Board for a CE waiver for the next license renewal period.
Any licensed Auctioneer or Auction Firm Designated Person experiencing a hardship may submit a verbal request to the Board for a CE waiver for the next license renewal period.
Signup and view all the answers
It is a violation to engage in auctioneering activity on behalf of an unlicensed auction firm.
It is a violation to engage in auctioneering activity on behalf of an unlicensed auction firm.
Signup and view all the answers
NCALB encourages licensees to be cautious when receiving invitations to provide auction assistance.
NCALB encourages licensees to be cautious when receiving invitations to provide auction assistance.
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NCALB staff can provide legal advice to licensees who call with questions.
NCALB staff can provide legal advice to licensees who call with questions.
Signup and view all the answers
Licensees are responsible for ensuring they follow North Carolina’s laws and rules regarding auctioneering.
Licensees are responsible for ensuring they follow North Carolina’s laws and rules regarding auctioneering.
Signup and view all the answers
If licensees encounter something suspicious, they are encouraged to contact the NCALB office.
If licensees encounter something suspicious, they are encouraged to contact the NCALB office.
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The NCALB alert for January 2023 primarily discusses the availability of continuing education opportunities.
The NCALB alert for January 2023 primarily discusses the availability of continuing education opportunities.
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Which of the following best defines an absolute auction?
Which of the following best defines an absolute auction?
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What is the purpose of an acceleration clause in a mortgage or lease?
What is the purpose of an acceleration clause in a mortgage or lease?
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What is the definition of a life estate?
What is the definition of a life estate?
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What is the definition of bid rigging?
What is the definition of bid rigging?
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What is the purpose of a buyer's premium?
What is the purpose of a buyer's premium?
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What is the definition of a deed?
What is the definition of a deed?
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What is the definition of a reserve auction?
What is the definition of a reserve auction?
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What is the definition of an absentee bid?
What is the definition of an absentee bid?
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What is the definition of bid assistants?
What is the definition of bid assistants?
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What is the definition of a tax sale?
What is the definition of a tax sale?
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What is the definition of an appraisal?
What is the definition of an appraisal?
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What is the definition of a trustee's sale?
What is the definition of a trustee's sale?
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What is the definition of AS-IS in an auction?
What is the definition of AS-IS in an auction?
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What is an absentee bid in an auction?
What is an absentee bid in an auction?
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What is an absolute auction in an auction?
What is an absolute auction in an auction?
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What is an appraisal in an auction?
What is an appraisal in an auction?
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What is a buyer's premium in an auction?
What is a buyer's premium in an auction?
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What is the definition of bid rigging in an auction?
What is the definition of bid rigging in an auction?
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What is a life estate in an auction?
What is a life estate in an auction?
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What is the definition of a real estate auction?
What is the definition of a real estate auction?
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What is a reserve auction in a real estate auction?
What is a reserve auction in a real estate auction?
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What is a tax sale in a real estate auction?
What is a tax sale in a real estate auction?
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What is a trustee's sale in a real estate auction?
What is a trustee's sale in a real estate auction?
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What is an upset price or reserve price in a real estate auction?
What is an upset price or reserve price in a real estate auction?
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What is an AS-IS sale?
What is an AS-IS sale?
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What is an absentee bid?
What is an absentee bid?
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What is an absolute auction?
What is an absolute auction?
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What is an acceleration clause in a mortgage or lease?
What is an acceleration clause in a mortgage or lease?
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What is an appraisal?
What is an appraisal?
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What is a buyer's premium?
What is a buyer's premium?
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What are bid assistants?
What are bid assistants?
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What is bid rigging?
What is bid rigging?
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What is a deed?
What is a deed?
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What is a life estate?
What is a life estate?
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What is a market value?
What is a market value?
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What is a reserve auction?
What is a reserve auction?
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Study Notes
Auction Terminology: Vocabulary and Definitions
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AS-IS refers to selling a property without warranties as to its condition or fitness for a particular use, and buyers are responsible for examining the property.
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An absentee bid allows a bidder to participate in an auction without physically being present.
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An absolute auction is one where property is sold to the highest bidder without limitations or reserve prices.
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An acceleration clause in a mortgage or lease states that the entire balance is due upon default of a payment.
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An appraisal is an estimate of the value, quantity, or quality of a property.
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A buyer's premium is an additional fee added to the high bid to determine the total contract price.
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Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.
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Bid rigging is the unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise.
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A deed is a written document that transfers land or hereditaments from a grantor to a grantee.
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A life estate is an estate held during the lifetime of a certain person.
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A market value is the highest price in a competitive and open market.
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A listing agreement authorizes an auctioneer to conduct an auction and sets out the agreement's terms and the parties' rights and responsibilities.Real Estate Auction Terminology
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Real estate auction is a process of selling a property to the highest bidder in an open and competitive market.
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The market value of a property is the highest price a buyer would pay and the lowest price a seller would accept.
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A bidder acknowledgement form is executed by the high bidder confirming the bid price and the property's description.
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Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.
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Option is the right to purchase or lease a property at a certain price for a designated period.
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Principal note is the promissory note secured by the mortgage or trust deed.
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A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.
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Subdivision is a tract of land divided into lots suitable for homebuilding purposes.
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Tax sale is a public sale of property at auction by governmental authority due to non-payment of taxes by the owner.
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Trustee's sale is a sale at auction by a trustee.
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Upset price or reserve price is the minimum acceptable price set by the seller in a reserve auction.
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Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.
Auction Terminology: Vocabulary and Definitions
-
AS-IS refers to selling a property without warranties as to its condition or fitness for a particular use, and buyers are responsible for examining the property.
-
An absentee bid allows a bidder to participate in an auction without physically being present.
-
An absolute auction is one where property is sold to the highest bidder without limitations or reserve prices.
-
An acceleration clause in a mortgage or lease states that the entire balance is due upon default of a payment.
-
An appraisal is an estimate of the value, quantity, or quality of a property.
-
A buyer's premium is an additional fee added to the high bid to determine the total contract price.
-
Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.
-
Bid rigging is the unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise.
-
A deed is a written document that transfers land or hereditaments from a grantor to a grantee.
-
A life estate is an estate held during the lifetime of a certain person.
-
A market value is the highest price in a competitive and open market.
-
A listing agreement authorizes an auctioneer to conduct an auction and sets out the agreement's terms and the parties' rights and responsibilities.Real Estate Auction Terminology
-
Real estate auction is a process of selling a property to the highest bidder in an open and competitive market.
-
The market value of a property is the highest price a buyer would pay and the lowest price a seller would accept.
-
A bidder acknowledgement form is executed by the high bidder confirming the bid price and the property's description.
-
Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.
-
Option is the right to purchase or lease a property at a certain price for a designated period.
-
Principal note is the promissory note secured by the mortgage or trust deed.
-
A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.
-
Subdivision is a tract of land divided into lots suitable for homebuilding purposes.
-
Tax sale is a public sale of property at auction by governmental authority due to non-payment of taxes by the owner.
-
Trustee's sale is a sale at auction by a trustee.
-
Upset price or reserve price is the minimum acceptable price set by the seller in a reserve auction.
-
Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.
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"Get Ahead of the Game: Free Continuing Education Courses for NC Auctioneers and Designated Persons!" Stay up-to-date with the latest industry trends and regulations with NCALB's funded 4-hour programs. Attend in-person sessions in Albemarle, Conover, and Williamston in March and April. Don't miss out on this opportunity to enhance your skills and stay competitive in the market. Open to licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms.