Auction Vocabulary Quiz

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.