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Questions and Answers
What is an AS-IS sale?
What is an absentee bid?
What is an absolute auction?
What is an acceleration clause?
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What is an auction block?
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What is an auction listing agreement?
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What is auction marketing?
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What is auction value?
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What is a buyer's premium?
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What is due diligence?
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What is a hammer price?
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What is a reserve auction?
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What is an AS-IS sale?
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What is an absentee bid?
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What is an absolute auction?
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What is an acceleration clause?
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What is an auction block?
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What is an auction listing agreement?
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What is auction marketing?
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What is auction value?
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What is a buyer's premium?
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What is due diligence?
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What is a hammer price?
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What is a reserve auction?
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What is an AS-IS auction?
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What is an absentee bid?
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What is an absolute auction?
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What is an acceleration clause?
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What is an auction block?
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What is an auction listing agreement?
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What is auction marketing?
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What is auction value?
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What is a buyer's premium?
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What is due diligence?
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What is a reserve auction?
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What is a tax deed?
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What is the definition of an auctioneer?
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What is the meaning of the term 'AS-IS' in an auction?
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What is a subdivision?
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What is the buyer's premium in an auction?
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What is the meaning of a reserve auction?
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What is the meaning of due diligence in an auction?
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What is the meaning of a tax deed in an auction?
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What is the meaning of a memorandum or bidder acknowledgment in an auction?
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What is the meaning of a quick claim deed in an auction?
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What is the meaning of a package mortgage in an auction?
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What is the meaning of without recourse in an auction?
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What is the meaning of an option in an auction?
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What is the definition of a reserve auction?
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What is the definition of a tax deed?
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What is the definition of an option?
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What is the definition of a subdivision?
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What is the definition of a mortgage?
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What is the definition of a due diligence?
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What is the definition of market value?
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What is the definition of a hammer price?
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What is the definition of a quick claim deed?
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What is the definition of a buyer's premium?
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What is the definition of an absentee bid?
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What is the definition of a package mortgage?
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What is the definition of market value?
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What is a memorandum or bidder acknowledgment?
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What is a mortgage?
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What is an option in real estate?
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What is a package mortgage?
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What is the principal note in a real estate transaction?
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What is a quitclaim deed?
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What is a reserve auction?
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What is the statute of frauds in real estate?
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What is a subdivision in real estate?
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What is a tax deed in real estate?
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What does without recourse mean in real estate?
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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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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!