Auction Terminology Quiz

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What is an AS-IS auction?

An auction where property is sold without warranties as to its condition or fitness for a particular use

What is an absentee bid?

A bid made by someone who is not physically present at the auction

What is an absolute auction?

An auction where the property is sold to the highest bidder without limitations or reserve prices

What is an acceleration clause?

A clause that states the entire balance is due upon default of a payment

What is an appraisal?

An estimate of the value, quantity, or quality of a property

What is a buyer's premium?

An additional fee added to the high bid to determine the total contract price

What are bid assistants?

People who assist the auctioneer by spotting bidders and providing information

What is bid rigging?

The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise

What is a deed?

A written document that transfers land or hereditaments from a grantor to a grantee

What is a life estate?

An estate held during the lifetime of a certain person

What is market value?

The highest price in a competitive and open market

What is a listing agreement?

An agreement between the auctioneer and the seller to conduct an auction

What is an AS-IS auction?

An auction where property is sold without warranties as to its condition or fitness for a particular use

What is an absentee bid?

A bid made by someone who is not physically present at the auction

What is an absolute auction?

An auction where the property is sold to the highest bidder without limitations or reserve prices

What is an acceleration clause?

A clause that states the entire balance is due upon default of a payment

What is an appraisal?

An estimate of the value, quantity, or quality of a property

What is a buyer's premium?

An additional fee added to the high bid to determine the total contract price

What are bid assistants?

People who assist the auctioneer by spotting bidders and providing information

What is bid rigging?

The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise

What is a deed?

A written document that transfers land or hereditaments from a grantor to a grantee

What is a life estate?

An estate held during the lifetime of a certain person

What is market value?

The highest price in a competitive and open market

What is a listing agreement?

An agreement between the auctioneer and the seller to conduct an auction

What is an AS-IS sale?

A sale where the buyer is responsible for examining the property

What is an absentee bid?

A bid that allows a bidder to participate without being present

What is an absolute auction?

An auction where property is sold to the highest bidder without limitations or reserve prices

What is an acceleration clause?

A clause in a mortgage or lease that states the entire balance is due upon default of a payment

What is an appraisal?

An estimate of the value, quantity, or quality of a property

What is a buyer's premium?

An additional fee added to the high bid to determine the total contract price

What are bid assistants?

Individuals who help the auctioneer by spotting bidders and providing information

What is bid rigging?

The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise

What is a deed?

A written document that transfers land or hereditaments from a grantor to a grantee

What is a life estate?

An estate held during the lifetime of a certain person

What is market value?

The highest price in a competitive and open market

What is a reserve auction?

An auction in which the seller reserves the right to accept or decline any or all bids

Study Notes

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.

Test your knowledge of auction terminology with this informative quiz! From AS-IS to withdrawal, this quiz covers the essential vocabulary and definitions you need to know to navigate the world of auctions. Whether you're a seasoned bidder or a curious novice, this quiz is a fun way to brush up on your auction knowledge and learn something new. So, let's get started and see how well you know your auction lingo!

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