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Questions and Answers
AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
False
An absentee bid allows a bidder to participate in an auction without physically being present.
An absentee bid allows a bidder to participate in an auction without physically being present.
True
An absolute auction is one where property is sold to the highest bidder with limitations or reserve prices.
An absolute auction is one where property is sold to the highest bidder with limitations or reserve prices.
False
An acceleration clause in a mortgage or lease states that the entire balance is due upon default of a payment.
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.
An appraisal is an estimate of the value, quantity, or quality of a property.
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A buyer's premium is a discount subtracted from the high bid to determine the total contract price.
A buyer's premium is a discount subtracted from 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.
Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.
Signup and view all the answers
Bid rigging is a legal practice where two or more people agree to bid against each other to inflate the value of merchandise.
Bid rigging is a legal practice where two or more people agree to bid against each other to inflate 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.
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 after the lifetime of a certain person.
A life estate is an estate held after the lifetime of a certain person.
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A market value is the highest price in a competitive and open market.
A market value is the highest price in a competitive and open market.
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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.
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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AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
Signup and view all the answers
An absentee bid is when a bidder must physically be present at the auction.
An absentee bid is when a bidder must physically be present at the auction.
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An absolute auction always has reserve prices.
An absolute auction always has reserve prices.
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An acceleration clause states that the entire balance is due upon default of a payment.
An acceleration clause states that the entire balance is due upon default of a payment.
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An appraisal is an estimate of the quality of a property.
An appraisal is an estimate of the 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.
A buyer's premium is an additional fee added to the high bid to determine the total contract price.
Signup and view all the answers
Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.
Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.
Signup and view all the answers
Bid rigging is a legal practice where two or more people agree to bid against each other to inflate the value of merchandise.
Bid rigging is a legal practice where two or more people agree to bid against each other to inflate the value of merchandise.
Signup and view all the answers
A deed is a written document that transfers land or hereditaments from a grantor to a grantee.
A deed is a written document that transfers land or hereditaments from a grantor to a grantee.
Signup and view all the answers
A life estate is an estate held during the lifetime of a certain person.
A life estate is an estate held during the lifetime of a certain person.
Signup and view all the answers
A market value is the highest price a seller would accept and the lowest price a buyer would pay.
A market value is the highest price a seller would accept and the lowest price a buyer would pay.
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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.
A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.
Signup and view all the answers
AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
Signup and view all the answers
Bid assistants are also known as ringmen or bid spotters.
Bid assistants are also known as ringmen or bid spotters.
Signup and view all the answers
Bid rigging is a legal practice where two or more people agree to bid against each other to inflate the value of merchandise.
Bid rigging is a legal practice where two or more people agree to bid against each other to inflate the value of merchandise.
Signup and view all the answers
A life estate is an estate held during the lifetime of a certain person.
A life estate is an estate held during the lifetime of a certain person.
Signup and view all the answers
A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.
A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.
Signup and view all the answers
Real estate auction is a process of selling a property to the highest bidder in a closed and non-competitive market.
Real estate auction is a process of selling a property to the highest bidder in a closed and non-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.
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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Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.
Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.
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Tax sale is a private sale of property at auction by governmental authority due to non-payment of taxes by the owner.
Tax sale is a private 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.
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.
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.
Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.
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AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
AS-IS means the property being sold comes with warranties for its condition or fitness for a particular use.
Signup and view all the answers
Bid assistants, also known as ringmen or bid spotters, help the auctioneer by bidding on behalf of buyers.
Bid assistants, also known as ringmen or bid spotters, help the auctioneer by bidding on behalf of buyers.
Signup and view all the answers
Bid rigging is the unlawful practice of two or more people agreeing to not bid against each other to deflate the value of merchandise.
Bid rigging is the unlawful practice of two or more people agreeing to not bid against each other to deflate the value of merchandise.
Signup and view all the answers
A deed is a written document that transfers ownership of personal property.
A deed is a written document that transfers ownership of personal property.
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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.
A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.
Signup and view all the answers
A life estate is an estate held during the lifetime of a certain person.
A life estate is an estate held during the lifetime of a certain person.
Signup and view all the answers
A buyer's premium is an additional fee added to the high bid to determine the total contract price.
A buyer's premium is an additional fee added to the high bid to determine the total contract price.
Signup and view all the answers
An appraisal is an estimate of the quality of a property.
An appraisal is an estimate of the quality of a property.
Signup and view all the answers
Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.
Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.
Signup and view all the answers
Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.
Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.
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Tax sale is a private sale of property at auction by governmental authority due to non-payment of taxes by the owner.
Tax sale is a private sale of property at auction by governmental authority due to non-payment of taxes by the owner.
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Option is the right to purchase or lease a property at a certain price for a designated period.
Option is the right to purchase or lease a property at a certain price for a designated period.
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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.
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.
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.
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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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!
