Auction Language Quiz
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What is the definition of 'Auction'?

The sale of goods or real estate by means of exchanges between an auctioneer and members of an audience, the exchanges consisting of a series of invitations for offers made by the auctioneer, offers by members of the audience, and the acceptance by the auctioneer of the highest or most favorable offer.

Who is considered an 'Auctioneer'?

Any person who conducts or offers to conduct auctions and includes apprentice auctioneers except as stricter standards are specified by this Chapter for apprentice auctioneers.

What is the definition of 'Owner'?

The bona fide owner of the property being offered for sale; in the case of partnerships, 'owner' means a general partner in a partnership that owns the property being offered for sale, provided that in the case of a limited partnership it has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes; in the case of corporations, 'owner' means an officer or director or employee or someone acting on behalf of the employee of a corporation that owns the property being offered for sale provided that the corporation is registered to do business in the State.

What is an 'Absolute Auction'?

<p>The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner, or agent of the owner, of the property.</p> Signup and view all the answers

What is an 'Estate Sale'?

<p>The liquidation by sale at auction of real or personal property of a specified person.</p> Signup and view all the answers

What is an 'Auction Firm'?

<p>A sole proprietorship of which the owner is not a licensed auctioneer, or any partnership, association, or corporation, not otherwise exempt from this Chapter, that sells either directly or through agents, real or personal property at auction, or that arranges, sponsors, manages, conducts or advertises auctions, or that in the regular course of business uses or allows the use of its facilities for auctions. This definition applies whether or not an owner or officer of the business acts as an auctioneer.</p> Signup and view all the answers

What is the 'Fund'?

<p>Auctioneer Recovery Fund.</p> Signup and view all the answers

What is the definition of 'Auctioneering', 'conduct of auction', or 'conduct of business'?

<p>In addition to the actual calling of bids, any of the following: a. Contracting for auction. b. Accepting consignments of items for sale at auction. c. Advertising an auction.</p> Signup and view all the answers

What is the definition of 'apprentice auctioneers'?

<p>Those who are learning the trade of auctioneering and are not yet licensed.</p> Signup and view all the answers

What is the requirement for a limited partnership to be considered an 'Owner'?

<p>It has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes.</p> Signup and view all the answers

Who is considered an 'Owner' of a property being offered for sale by a corporation?

<p>An officer or director or employee or someone acting on behalf of the employee of a corporation that owns the property being offered for sale provided that the corporation is registered to do business in the State.</p> Signup and view all the answers

What is the purpose of the 'Auctioneer Recovery Fund'?

<p>To compensate members of the public who have suffered a financial loss due to the actions of a licensed auctioneer or auction firm.</p> Signup and view all the answers

This Chapter defines the term '______' as a sale of goods or real estate by means of exchanges between an auctioneer and members of an audience consisting of a series of invitations for offers made by the auctioneer, offers by members of the audience, and the acceptance by the auctioneer of the highest or most favorable offer

<p>Auction</p> Signup and view all the answers

The definition of an '______' under this Chapter includes apprentice auctioneers except as stricter standards are specified

<p>Auctioneer</p> Signup and view all the answers

For the purposes of this Chapter, '______' means the bona fide owner of the property being offered for sale

<p>Owner</p> Signup and view all the answers

In the case of partnerships, '______' means a general partner in a partnership that owns the property being offered for sale, provided that in the case of a limited partnership it has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes

<p>Owner</p> Signup and view all the answers

In the case of corporations, '______' means an officer or director or employee or someone acting on behalf of the employee of a corporation that owns the property being offered for sale provided that the corporation is registered to do business in the State

<p>Owner</p> Signup and view all the answers

An '______' means the sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner, or agent of the owner, of the property

<p>Absolute Auction</p> Signup and view all the answers

An '______' means the liquidation by sale at auction of real or personal property of a specified person

<p>Estate Sale</p> Signup and view all the answers

An '______' means a sole proprietorship of which the owner is not a licensed auctioneer, or any partnership, association, or corporation, not otherwise exempt from this Chapter, that sells either directly or through agents, real or personal property at auction, or that arranges, sponsors, manages, conducts or advertises auctions, or that in the regular course of business uses or allows the use of its facilities for auctions

<p>Auction Firm</p> Signup and view all the answers

This term applies to the ______ definition: whether or not an owner or officer of the business acts as an auctioneer

<p>Auction Firm</p> Signup and view all the answers

'______' means Auctioneer Recovery ______

<p>Fund</p> Signup and view all the answers

'Auctioneering', 'conduct of auction', or 'conduct of business' means, in addition to the actual calling of bids, any of the following: a. Contracting for auction. b. Accepting consignments of items for sale at auction. c. Advertising an auction

<p>Auctioneering definition</p> Signup and view all the answers

'Owner' means a general partner in a partnership that owns the property being offered for sale, provided that in the case of a limited partnership it has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes

<p>Owner partnership requirement</p> Signup and view all the answers

• (4) 'Absolute Auction' means the sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without ______, without the requirement of any minimum bid, and without competing bids of any type by the owner, or agent of the owner, of the property.

<p>reserve</p> Signup and view all the answers

• (5) 'Estate Sale' means the liquidation by sale at auction of real or personal property of a specified ______.

<p>person</p> Signup and view all the answers

• (6) 'Auction Firm' means a sole proprietorship of which the owner is not a licensed auctioneer, or any partnership, association, or corporation, not otherwise exempt from this Chapter, that sells either directly or through agents, real or personal property at auction, or that arranges, sponsors, manages, conducts or advertises auctions, or that in the regular course of business uses or allows the use of its facilities for ______.

<p>auctions</p> Signup and view all the answers

• (7) 'Fund' means ______ Recovery Fund.

<p>Auctioneer</p> Signup and view all the answers

• (8) 'Auctioneering', 'conduct of auction', or 'conduct of business' means, in addition to the actual calling of bids, any of the following: a. ◦ Contracting for auction. ◦ b. Accepting consignments of items for sale at auction. ◦ c. Advertising an ______.

<p>auction</p> Signup and view all the answers

This Chapter defines the term '______' as a series of invitations for offers made by the auctioneer, offers by members of the audience, and the acceptance by the auctioneer of the highest or most favorable offer.

<p>Auction</p> Signup and view all the answers

The definition of an '______' under this Chapter includes apprentice auctioneers except as stricter standards are specified.

<p>Auctioneer</p> Signup and view all the answers

For the purposes of this Chapter, '______' means an officer or director or employee or someone acting on behalf of the employee of a corporation that owns the property being offered for sale provided that the corporation is registered to do business in the State.

<p>Owner</p> Signup and view all the answers

'______' means the calling of bids, contracting for an auction, accepting consignments of items for sale at auction, or advertising an auction.

<p>Auctioneering</p> Signup and view all the answers

In the case of partnerships, '______' means a general partner in a partnership that owns the property being offered for sale, provided that in the case of a limited partnership it has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes.

<p>Owner</p> Signup and view all the answers

'______' means the sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve.

<p>Absolute Auction</p> Signup and view all the answers

'______' means a person who conducts or offers to conduct auctions and includes apprentice auctioneers except as stricter standards are specified by this Chapter for apprentice auctioneers.

<p>Auctioneer</p> Signup and view all the answers

• (2) 'Auctioneer' means any person who conducts or ______ to conduct auctions and includes apprentice auctioneers except as stricter standards are specified by this Chapter for apprentice auctioneers

<p>offers</p> Signup and view all the answers

• (4) 'Absolute Auction' means the sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without ______, without the requirement of any minimum bid, and without competing bids of any type by the owner, or agent of the owner, of the property

<p>reserve</p> Signup and view all the answers

• (5) 'Estate Sale' means the liquidation by sale at auction of real or personal property of a specified ______

<p>person</p> Signup and view all the answers

• (6) 'Auction Firm' means a sole proprietorship of which the owner is not a licensed auctioneer, or any partnership, association, or corporation, not otherwise exempt from this Chapter, that sells either directly or through agents, real or personal property at auction, or that arranges, sponsors, manages, conducts or ______ auctions, or that in the regular course of business uses or allows the use of its facilities for auctions. This definition applies whether or not an owner or officer of the business acts as an auctioneer

<p>advertises</p> Signup and view all the answers

• (7) 'Fund' means Auctioneer ______ Fund

<p>Recovery</p> Signup and view all the answers

• (8) 'Auctioneering', 'conduct of auction', or 'conduct of business' means, in addition to the actual calling of bids, any of the following: a. Contracting for auction. b. Accepting consignments of items for sale at auction. c. ______ an auction

<p>Advertising</p> Signup and view all the answers

This Chapter defines the term 'Auction' as a sale of goods or real estate by means of exchanges between an auctioneer and members of an audience consisting of a series of invitations for offers made by the auctioneer, offers by members of the audience, and the acceptance by the auctioneer of the highest or most favorable ______

<p>offer</p> Signup and view all the answers

The definition of an 'Auctioneer' under this Chapter includes ______ except as stricter standards are specified

<p>apprentice auctioneers</p> Signup and view all the answers

For the purposes of this Chapter, 'Owner' means the bona fide owner of the property being offered for ______. In the case of partnerships, 'owner' means a general partner in a partnership that owns the property being offered for sale, provided that in the case of a limited partnership it has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes; in the case of corporations, 'owner' means an officer or director or employee or someone acting on behalf of the employee of a corporation that owns the property being offered for sale provided that the corporation is registered to do business in the State

<p>sale</p> Signup and view all the answers

This Chapter defines an 'Absolute Auction' as the sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner, or agent of the owner, of the ______

<p>property</p> Signup and view all the answers

This Chapter defines an 'Estate Sale' as the liquidation by sale at auction of real or personal property of a specified ______

<p>person</p> Signup and view all the answers

This Chapter defines an 'Auction Firm' as a sole proprietorship of which the owner is not a licensed auctioneer, or any partnership, association, or corporation, not otherwise exempt from this Chapter, that sells either directly or through agents, real or personal property at auction, or that arranges, sponsors, manages, conducts or advertises auctions, or that in the regular course of business uses or allows the use of its facilities for ______

<p>auctions</p> Signup and view all the answers

This Chapter defines 'Auctioneering', 'conduct of auction', or 'conduct of business' as, in addition to the actual calling of bids, any of the following: a. Contracting for auction. b. Accepting consignments of items for sale at auction. c. Advertising an ______

<p>auction</p> Signup and view all the answers

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