Auction Vocabulary Quiz
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Questions and Answers

What is an AS-IS sale?

  • Selling a property with a guarantee of its condition
  • Selling a property with a warranty of its fitness
  • Selling a property without warranties as to its condition or fitness (correct)
  • Selling a property with warranties as to its condition or fitness

    • What is an absentee bid?

  • A bid placed by the auctioneer
  • A bid placed by someone who is present at the auction
  • A bid placed by someone who is not present at the auction (correct)
  • A bid placed after the auction has ended

    • What is an absolute auction?

  • An auction where property is sold to the lowest qualified bidder with no limiting conditions or amount
  • An auction where property is sold with a reserve price
  • An auction where property is sold with warranties as to its condition or fitness
  • An auction where property is sold to the highest qualified bidder with no limiting conditions or amount (correct)

    • What is an acceleration clause?

    <p>A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full</p> Signup and view all the answers

    What is an auction block?

    <p>The area where the auctioneer stands while conducting the auction</p> Signup and view all the answers

    What is an auction listing agreement?

    <p>A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction</p> Signup and view all the answers

    What is auction marketing?

    <p>A method of marketing real property utilizing the auction method of sale</p> Signup and view all the answers

    What is auction value?

    <p>The price which a particular property brings in open competitive bidding at a public auction</p> Signup and view all the answers

    What is a buyer's premium?

    <p>A flat fee added to the high bid to determine the total contract price to be paid by the buyer</p> Signup and view all the answers

    What is due diligence?

    <p>The process of gathering information about the condition and legal status of assets to be sold</p> Signup and view all the answers

    What is a hammer price?

    <p>The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel</p> Signup and view all the answers

    What is a reserve auction?

    <p>An auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed</p> Signup and view all the answers

    What is an AS-IS sale?

    <p>Selling a property without warranties as to its condition or fitness</p> Signup and view all the answers

    What is an absentee bid?

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

    What is an absolute auction?

    <p>An auction where property is sold to the highest qualified bidder with no limiting conditions or amount</p> Signup and view all the answers

    What is an acceleration clause?

    <p>A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full</p> Signup and view all the answers

    What is an auction block?

    <p>The area where the auctioneer stands while conducting the auction</p> Signup and view all the answers

    What is an auction listing agreement?

    <p>A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction</p> Signup and view all the answers

    What is auction marketing?

    <p>A method of marketing real property utilizing the auction method of sale</p> Signup and view all the answers

    What is auction value?

    <p>The price which a particular property brings in open competitive bidding at a public auction</p> Signup and view all the answers

    What is a buyer's premium?

    <p>A flat fee added to the high bid to determine the total contract price to be paid by the buyer</p> Signup and view all the answers

    What is due diligence?

    <p>The process of gathering information about the condition and legal status of assets to be sold</p> Signup and view all the answers

    What is a hammer price?

    <p>The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel</p> Signup and view all the answers

    What is a reserve auction?

    <p>An auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed</p> Signup and view all the answers

    What is an AS-IS auction?

    <p>An auction where the property is sold with warranties as to its condition or fitness</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 property is sold to the highest qualified bidder with no limiting conditions or amount</p> Signup and view all the answers

    What is an acceleration clause?

    <p>A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full</p> Signup and view all the answers

    What is an auction block?

    <p>The podium or raised platform where the auctioneer stands while conducting the auction</p> Signup and view all the answers

    What is an auction listing agreement?

    <p>A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement</p> Signup and view all the answers

    What is auction marketing?

    <p>A method of marketing real property utilizing the auction method of sale</p> Signup and view all the answers

    What is auction value?

    <p>The price which a particular property brings in open competitive bidding at a public auction</p> Signup and view all the answers

    What is a buyer's premium?

    <p>An advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer</p> Signup and view all the answers

    What is due diligence?

    <p>The process of gathering information about the condition and legal status of assets to be sold</p> Signup and view all the answers

    What is a reserve auction?

    <p>An auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed</p> Signup and view all the answers

    What is a tax deed?

    <p>A deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner</p> Signup and view all the answers

    What is the definition of an auctioneer?

    <p>The person who conducts or is responsible for a sale by auction</p> Signup and view all the answers

    What is the meaning of the term 'AS-IS' in an auction?

    <p>The property is sold without warranties as to its condition or fitness</p> Signup and view all the answers

    What is a subdivision?

    <p>A tract of land divided into lots suitable for homebuilding purposes</p> Signup and view all the answers

    What is the buyer's premium in an auction?

    <p>The advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer</p> Signup and view all the answers

    What is the meaning of a reserve auction?

    <p>An auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed</p> Signup and view all the answers

    What is the meaning of due diligence in an auction?

    <p>The process of gathering information about the condition and legal status of assets to be sold</p> Signup and view all the answers

    What is the meaning of a tax deed in an auction?

    <p>A deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner</p> Signup and view all the answers

    What is the meaning of a memorandum or bidder acknowledgment in an auction?

    <p>A form executed by the high bidder confirming their identity, bid price, and property description</p> Signup and view all the answers

    What is the meaning of a quick claim deed in an auction?

    <p>A deed given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title</p> Signup and view all the answers

    What is the meaning of a package mortgage in an auction?

    <p>Includes personal property within the lien of the mortgage</p> Signup and view all the answers

    What is the meaning of without recourse in an auction?

    <p>The endorser will not be liable to a future holder in the event of non-payment</p> Signup and view all the answers

    What is the meaning of an option in an auction?

    <p>The right to purchase or lease a property at a certain price for a designated period, for which consideration is paid</p> Signup and view all the answers

    What is the definition of a reserve auction?

    <p>An auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed</p> Signup and view all the answers

    What is the definition of a tax deed?

    <p>A deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner</p> Signup and view all the answers

    What is the definition of an option?

    <p>The right to purchase or lease a property at a certain price for a designated period, for which consideration is paid</p> Signup and view all the answers

    What is the definition of a subdivision?

    <p>A tract of land divided into lots suitable for homebuilding purposes</p> Signup and view all the answers

    What is the definition of a mortgage?

    <p>A conditional transfer of real property as security for the payment of a debt or obligation</p> Signup and view all the answers

    What is the definition of a due diligence?

    <p>The process of gathering information about the condition and legal status of assets to be sold</p> Signup and view all the answers

    What is the definition of market value?

    <p>The highest price a buyer would pay and the lowest price a seller would accept for a property in a competitive and open market</p> Signup and view all the answers

    What is the definition of a hammer price?

    <p>The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel</p> Signup and view all the answers

    What is the definition of a quick claim deed?

    <p>Given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title</p> Signup and view all the answers

    What is the definition of a buyer's premium?

    <p>An advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer</p> Signup and view all the answers

    What is the definition of an absentee bid?

    <p>Allowing a bidder to participate in the auction process without being physically present</p> Signup and view all the answers

    What is the definition of a package mortgage?

    <p>Includes personal property within the lien of the mortgage</p> Signup and view all the answers

    What is the definition of market value?

    <p>The highest price a buyer would pay for a property</p> Signup and view all the answers

    What is a memorandum or bidder acknowledgment?

    <p>A form executed by the high bidder confirming their identity and bid price</p> Signup and view all the answers

    What is a mortgage?

    <p>A conditional transfer of real property as security for a debt</p> Signup and view all the answers

    What is an option in real estate?

    <p>The right to purchase or lease a property at a certain price for a designated period</p> Signup and view all the answers

    What is a package mortgage?

    <p>A mortgage that includes personal property within the lien</p> Signup and view all the answers

    What is the principal note in a real estate transaction?

    <p>The promissory note secured by the mortgage or trust deed</p> Signup and view all the answers

    What is a quitclaim deed?

    <p>A deed given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title</p> Signup and view all the answers

    What is a reserve auction?

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

    What is the statute of frauds in real estate?

    <p>A law that requires all real estate transactions to be done in writing</p> Signup and view all the answers

    What is a subdivision in real estate?

    <p>A tract of land divided into lots suitable for homebuilding purposes</p> Signup and view all the answers

    What is a tax deed in real estate?

    <p>A deed given to the buyer after the property has been foreclosed on</p> Signup and view all the answers

    What does without recourse mean in real estate?

    <p>The endorser will not be liable to a future holder in the event of non-payment</p> Signup and view all the answers

    Study Notes

    Auction Vocabulary and Definitions

    • AS-IS: Selling a property without warranties as to its condition or fitness, with buyers responsible for examining and judging the property.

    • Absentee Bid: Allowing a bidder to participate in the auction process without being physically present.

    • Absolute Auction: An auction where property is sold to the highest qualified bidder with no limiting conditions or amount.

    • Acceleration Clause: A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full.

    • Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction.

    • Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement.

    • Auction Marketing: A method of marketing real property utilizing the auction method of sale.

    • Auction Value: The price which a particular property brings in open competitive bidding at a public auction.

    • Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.

    • Buyer's Premium: An advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer.

    • Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.

    • Hammer Price: The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.Real Estate Auction Vocabulary and Definitions

    • Market value is the highest price a buyer would pay and the lowest price a seller would accept for a property in a competitive and open market.

    • A memorandum or bidder acknowledgment is a form executed by the high bidder confirming their identity, bid price, and property description.

    • A mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.

    • An option is the right to purchase or lease a property at a certain price for a designated period, for which consideration is paid.

    • A package mortgage includes personal property within the lien of the mortgage.

    • The principal note is the promissory note secured by the mortgage or trust deed.

    • A quick claim deed is given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title.

    • A reserve auction is an auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed.

    • The statute of frauds requires certain contracts relating to real estate, such as agreements of sale, to be in writing and enforceable.

    • A subdivision is a tract of land divided into lots suitable for homebuilding purposes.

    • A tax deed is a deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner.

    • Without recourse denotes that the endorser will not be liable to a future holder in the event of non-payment.

    Auction Vocabulary and Definitions

    • AS-IS: Selling a property without warranties as to its condition or fitness, with buyers responsible for examining and judging the property.

    • Absentee Bid: Allowing a bidder to participate in the auction process without being physically present.

    • Absolute Auction: An auction where property is sold to the highest qualified bidder with no limiting conditions or amount.

    • Acceleration Clause: A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full.

    • Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction.

    • Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement.

    • Auction Marketing: A method of marketing real property utilizing the auction method of sale.

    • Auction Value: The price which a particular property brings in open competitive bidding at a public auction.

    • Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.

    • Buyer's Premium: An advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer.

    • Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.

    • Hammer Price: The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.Real Estate Auction Vocabulary and Definitions

    • Market value is the highest price a buyer would pay and the lowest price a seller would accept for a property in a competitive and open market.

    • A memorandum or bidder acknowledgment is a form executed by the high bidder confirming their identity, bid price, and property description.

    • A mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.

    • An option is the right to purchase or lease a property at a certain price for a designated period, for which consideration is paid.

    • A package mortgage includes personal property within the lien of the mortgage.

    • The principal note is the promissory note secured by the mortgage or trust deed.

    • A quick claim deed is given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title.

    • A reserve auction is an auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed.

    • The statute of frauds requires certain contracts relating to real estate, such as agreements of sale, to be in writing and enforceable.

    • A subdivision is a tract of land divided into lots suitable for homebuilding purposes.

    • A tax deed is a deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner.

    • Without recourse denotes that the endorser will not be liable to a future holder in the event of non-payment.

    Auction Vocabulary and Definitions

    • AS-IS: Selling a property without warranties as to its condition or fitness, with buyers responsible for examining and judging the property.

    • Absentee Bid: Allowing a bidder to participate in the auction process without being physically present.

    • Absolute Auction: An auction where property is sold to the highest qualified bidder with no limiting conditions or amount.

    • Acceleration Clause: A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full.

    • Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction.

    • Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement.

    • Auction Marketing: A method of marketing real property utilizing the auction method of sale.

    • Auction Value: The price which a particular property brings in open competitive bidding at a public auction.

    • Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.

    • Buyer's Premium: An advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer.

    • Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.

    • Hammer Price: The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.Real Estate Auction Vocabulary and Definitions

    • Market value is the highest price a buyer would pay and the lowest price a seller would accept for a property in a competitive and open market.

    • A memorandum or bidder acknowledgment is a form executed by the high bidder confirming their identity, bid price, and property description.

    • A mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.

    • An option is the right to purchase or lease a property at a certain price for a designated period, for which consideration is paid.

    • A package mortgage includes personal property within the lien of the mortgage.

    • The principal note is the promissory note secured by the mortgage or trust deed.

    • A quick claim deed is given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title.

    • A reserve auction is an auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed.

    • The statute of frauds requires certain contracts relating to real estate, such as agreements of sale, to be in writing and enforceable.

    • A subdivision is a tract of land divided into lots suitable for homebuilding purposes.

    • A tax deed is a deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner.

    • Without recourse denotes that the endorser will not be liable to a future holder in the event of non-payment.

    Auction Vocabulary and Definitions

    • AS-IS: Selling a property without warranties as to its condition or fitness, with buyers responsible for examining and judging the property.

    • Absentee Bid: Allowing a bidder to participate in the auction process without being physically present.

    • Absolute Auction: An auction where property is sold to the highest qualified bidder with no limiting conditions or amount.

    • Acceleration Clause: A clause in a mortgage, land deal, or lease stating that upon default of a payment due, the balance of the obligation should be paid in full.

    • Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction.

    • Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement.

    • Auction Marketing: A method of marketing real property utilizing the auction method of sale.

    • Auction Value: The price which a particular property brings in open competitive bidding at a public auction.

    • Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.

    • Buyer's Premium: An advertised percentage of the high bid or a flat fee added to the high bid to determine the total contract price to be paid by the buyer.

    • Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.

    • Hammer Price: The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.Real Estate Auction Vocabulary and Definitions

    • Market value is the highest price a buyer would pay and the lowest price a seller would accept for a property in a competitive and open market.

    • A memorandum or bidder acknowledgment is a form executed by the high bidder confirming their identity, bid price, and property description.

    • A mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.

    • An option is the right to purchase or lease a property at a certain price for a designated period, for which consideration is paid.

    • A package mortgage includes personal property within the lien of the mortgage.

    • The principal note is the promissory note secured by the mortgage or trust deed.

    • A quick claim deed is given when the buyer has complete or partial title to the premises and the seller has a possible interest that would constitute a cloud on the title.

    • A reserve auction is an auction in which the seller or their agent reserves the right to accept or decline any or all bids, with a minimum acceptable price that may or may not be disclosed.

    • The statute of frauds requires certain contracts relating to real estate, such as agreements of sale, to be in writing and enforceable.

    • A subdivision is a tract of land divided into lots suitable for homebuilding purposes.

    • A tax deed is a deed for property sold at public sale by a political subdivision for non-payment of taxes by the owner.

    • Without recourse denotes that the endorser will not be liable to a future holder in the event of non-payment.

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    Glossary of Auction Terms PDF

    Description

    Test your knowledge of auction vocabulary and definitions with this informative quiz! From "AS-IS" to "Without recourse," this quiz covers important terms and concepts used in the auction industry. Whether you're an experienced auction-goer or just starting out, this quiz will challenge your understanding of key auction terminology. So, put your knowledge to the test and see how well you know the ins and outs of auctions!

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