49 Questions
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'?
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.
What is an 'Estate Sale'?
The liquidation by sale at auction of real or personal property of a specified person.
What is an 'Auction Firm'?
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.
What is the 'Fund'?
Auctioneer Recovery Fund.
What is the definition of 'Auctioneering', 'conduct of auction', or 'conduct of business'?
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.
What is the definition of 'apprentice auctioneers'?
Those who are learning the trade of auctioneering and are not yet licensed.
What is the requirement for a limited partnership to be considered an 'Owner'?
It has filed a certificate of limited partnership as required by Chapter 59 of the General Statutes.
Who is considered an 'Owner' of a property being offered for sale by a corporation?
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 the purpose of the 'Auctioneer Recovery Fund'?
To compensate members of the public who have suffered a financial loss due to the actions of a licensed auctioneer or auction firm.
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
Auction
The definition of an '______' under this Chapter includes apprentice auctioneers except as stricter standards are specified
Auctioneer
For the purposes of this Chapter, '______' means the bona fide owner of the property being offered for sale
Owner
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
Owner
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
Owner
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
Absolute Auction
An '______' means the liquidation by sale at auction of real or personal property of a specified person
Estate Sale
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
Auction Firm
This term applies to the ______ definition: whether or not an owner or officer of the business acts as an auctioneer
Auction Firm
'______' means Auctioneer Recovery ______
Fund
'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
Auctioneering definition
'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
Owner partnership requirement
• (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.
reserve
• (5) 'Estate Sale' means the liquidation by sale at auction of real or personal property of a specified ______.
person
• (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 ______.
auctions
• (7) 'Fund' means ______ Recovery Fund.
Auctioneer
• (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 ______.
auction
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.
Auction
The definition of an '______' under this Chapter includes apprentice auctioneers except as stricter standards are specified.
Auctioneer
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.
Owner
'______' means the calling of bids, contracting for an auction, accepting consignments of items for sale at auction, or advertising an auction.
Auctioneering
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.
Owner
'______' 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.
Absolute Auction
'______' 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.
Auctioneer
• (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
offers
• (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
reserve
• (5) 'Estate Sale' means the liquidation by sale at auction of real or personal property of a specified ______
person
• (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
advertises
• (7) 'Fund' means Auctioneer ______ Fund
Recovery
• (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
Advertising
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 ______
offer
The definition of an 'Auctioneer' under this Chapter includes ______ except as stricter standards are specified
apprentice auctioneers
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
sale
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 ______
property
This Chapter defines an 'Estate Sale' as the liquidation by sale at auction of real or personal property of a specified ______
person
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 ______
auctions
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 ______
auction
"Test Your Knowledge: Understanding the Language of Auctions" - Take this quiz to learn and master the fundamental terms and definitions used in the auction industry. From "auctioneer" to "highest bidder," challenge yourself to identify and understand the jargon used in auctions. Ideal for auction enthusiasts and professionals alike, this quiz will help you communicate more confidently during your next bidding experience.
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