Auction Terminology Quiz
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Questions and Answers

What is an AS-IS auction?

  • An auction where the property is sold to the highest bidder without limitations or reserve prices
  • An auction where property is sold without warranties as to its condition or fitness for a particular use (correct)
  • An auction where bidders can participate without physically being present
  • An auction where the seller reserves the right to accept or decline any or all bids

    • What is an absentee bid?

  • A bid made by the auctioneer on behalf of a potential buyer
  • A bid made by someone who is physically present at the auction
  • A bid made by a buyer after the auction has ended
  • A bid made by someone who is not physically present at the auction (correct)

    • What is an absolute auction?

  • An auction where bidders can participate without physically being present
  • An auction where the property is sold to the highest bidder without limitations or reserve prices (correct)
  • An auction where property is sold without warranties as to its condition or fitness for a particular use
  • An auction where the seller reserves the right to accept or decline any or all bids

    • What is an acceleration clause?

    <p>A clause that states the entire balance is due upon default of a payment</p> Signup and view all the answers

    What is an appraisal?

    <p>An estimate of the value, quantity, or quality of a property</p> Signup and view all the answers

    What is a buyer's premium?

    <p>An additional fee added to the high bid to determine the total contract price</p> Signup and view all the answers

    What are bid assistants?

    <p>People who assist the auctioneer by spotting bidders and providing information</p> Signup and view all the answers

    What is bid rigging?

    <p>The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise</p> Signup and view all the answers

    What is a deed?

    <p>A written document that transfers land or hereditaments from a grantor to a grantee</p> Signup and view all the answers

    What is a life estate?

    <p>An estate held during the lifetime of a certain person</p> Signup and view all the answers

    What is market value?

    <p>The highest price in a competitive and open market</p> Signup and view all the answers

    What is a listing agreement?

    <p>An agreement between the auctioneer and the seller to conduct an auction</p> Signup and view all the answers

    What is an AS-IS auction?

    <p>An auction where property is sold without warranties as to its condition or fitness for a particular use</p> Signup and view all the answers

    What is an absentee bid?

    <p>A bid made by someone who is not physically present at the auction</p> Signup and view all the answers

    What is an absolute auction?

    <p>An auction where the property is sold to the highest bidder without limitations or reserve prices</p> Signup and view all the answers

    What is an acceleration clause?

    <p>A clause that states the entire balance is due upon default of a payment</p> Signup and view all the answers

    What is an appraisal?

    <p>An estimate of the value, quantity, or quality of a property</p> Signup and view all the answers

    What is a buyer's premium?

    <p>An additional fee added to the high bid to determine the total contract price</p> Signup and view all the answers

    What are bid assistants?

    <p>People who assist the auctioneer by spotting bidders and providing information</p> Signup and view all the answers

    What is bid rigging?

    <p>The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise</p> Signup and view all the answers

    What is a deed?

    <p>A written document that transfers land or hereditaments from a grantor to a grantee</p> Signup and view all the answers

    What is a life estate?

    <p>An estate held during the lifetime of a certain person</p> Signup and view all the answers

    What is market value?

    <p>The highest price in a competitive and open market</p> Signup and view all the answers

    What is a listing agreement?

    <p>An agreement between the auctioneer and the seller to conduct an auction</p> Signup and view all the answers

    What is an AS-IS sale?

    <p>A sale where the buyer is responsible for examining the property</p> Signup and view all the answers

    What is an absentee bid?

    <p>A bid that allows a bidder to participate without being present</p> Signup and view all the answers

    What is an absolute auction?

    <p>An auction where property is sold to the highest bidder without limitations or reserve prices</p> Signup and view all the answers

    What is an acceleration clause?

    <p>A clause in a mortgage or lease that states the entire balance is due upon default of a payment</p> Signup and view all the answers

    What is an appraisal?

    <p>An estimate of the value, quantity, or quality of a property</p> Signup and view all the answers

    What is a buyer's premium?

    <p>An additional fee added to the high bid to determine the total contract price</p> Signup and view all the answers

    What are bid assistants?

    <p>Individuals who help the auctioneer by spotting bidders and providing information</p> Signup and view all the answers

    What is bid rigging?

    <p>The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise</p> Signup and view all the answers

    What is a deed?

    <p>A written document that transfers land or hereditaments from a grantor to a grantee</p> Signup and view all the answers

    What is a life estate?

    <p>An estate held during the lifetime of a certain person</p> Signup and view all the answers

    What is market value?

    <p>The highest price in a competitive and open market</p> Signup and view all the answers

    What is a reserve auction?

    <p>An auction in which the seller reserves the right to accept or decline any or all bids</p> Signup and view all the answers

    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.

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    Real Estate Vocabulary & Definitions PDF

    Description

    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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