Test your knowledge of auction terminology!
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Questions and Answers

Which type of auction has no limiting conditions or amount, and the seller cannot bid?

  • Reserve auction
  • Absolute auction (correct)
  • Minimum bid auction
  • Online auction

    • What is an acceleration clause in an auction?

  • A clause that allows the buyer to pay in installments
  • A clause that limits the number of bidders
  • A clause that allows the seller to bid
  • A clause that requires payment in full upon default (correct)

    • What is the meaning of AS-IS in auctions?

  • The item is sold without guarantees (correct)
  • The buyer can return the item
  • The seller can bid
  • The auction has no time limit

    • What is the definition of ad valorem in auctions?

    <p>A tax based on valuation</p> Signup and view all the answers

    What is an apprentice auctioneer?

    <p>An auctioneer who is still in training</p> Signup and view all the answers

    What is the definition of alienation in auctions?

    <p>The transfer of real property by one person to another</p> Signup and view all the answers

    What is an annuity in auctions?

    <p>A sum of money that constitutes one of a series of payments</p> Signup and view all the answers

    What is an agent in auctions?

    <p>A person who represents the buyer</p> Signup and view all the answers

    What is the definition of accounting of a sale in auctions?

    <p>A report to the seller about the financial aspects of an auction</p> Signup and view all the answers

    What is the definition of an appraisal in auctions?

    <p>The act of estimating value or an estimate of quantity, quality, and/or value</p> Signup and view all the answers

    What is the definition of amortization in auctions?

    <p>The payment of a mortgage by installments</p> Signup and view all the answers

    What is an administrator in auctions?

    <p>A person appointed by the court when no will is left</p> Signup and view all the answers

    Which type of auction allows absentee bidders to participate without being present?

    <p>AS-IS auction</p> Signup and view all the answers

    What is an acceleration clause?

    <p>A clause that requires payment in full upon default</p> Signup and view all the answers

    What is the purpose of an accounting of a sale?

    <p>To report to the seller about the financial aspects of an auction</p> Signup and view all the answers

    What is an annuity?

    <p>A series of payments</p> Signup and view all the answers

    What is an appraisal?

    <p>The act of estimating value</p> Signup and view all the answers

    What is an apprentice auctioneer?

    <p>An individual in training under the supervision of a licensed auctioneer</p> Signup and view all the answers

    What is ad valorem?

    <p>A tax based on valuation</p> Signup and view all the answers

    What is an agent?

    <p>A person who represents the seller</p> Signup and view all the answers

    What is alienation?

    <p>The transfer of real property</p> Signup and view all the answers

    What is an absolute auction?

    <p>An auction with no limiting conditions or amount</p> Signup and view all the answers

    What is an administrator?

    <p>A person appointed by the court when no will is left</p> Signup and view all the answers

    What is amortization?

    <p>Paying a mortgage by payments or on an installment basis</p> Signup and view all the answers

    What is the purpose of an acceleration clause in auctions?

    <p>To require full payment upon default of a payment</p> Signup and view all the answers

    What is the definition of an absolute auction?

    <p>An auction where the seller cannot bid</p> Signup and view all the answers

    What is the meaning of ad valorem in auctions?

    <p>A tax based on valuation</p> Signup and view all the answers

    What is the definition of alienation in auctions?

    <p>The transfer of real property by one person to another</p> Signup and view all the answers

    What is an appraisal in auctions?

    <p>The act of estimating value or an estimate of quantity, quality, and/or value</p> Signup and view all the answers

    What is an annuity in auctions?

    <p>A sum of money or its equivalent that constitutes one of a series of payments</p> Signup and view all the answers

    What is the definition of an agent in auctions?

    <p>A person who represents another individual or entity with their authority to do so</p> Signup and view all the answers

    What is the definition of accounting of a sale in auctions?

    <p>A report to the seller about the financial aspects of an auction</p> Signup and view all the answers

    What is the definition of amortization in auctions?

    <p>Paying a mortgage by payments or on an installment basis</p> Signup and view all the answers

    What is an administrator in auctions?

    <p>A person appointed by the court when no will is left</p> Signup and view all the answers

    What is AS-IS in auctions?

    <p>An auction where all items are sold 'as is'</p> Signup and view all the answers

    What is an apprentice auctioneer in auctions?

    <p>A trainee operating under the supervision of a licensed auctioneer</p> Signup and view all the answers

    What is an acceleration clause in an auction?

    <p>A clause that requires payment in full upon default of a payment</p> Signup and view all the answers

    What is the definition of an appraisal in auctions?

    <p>The act of estimating value or an estimate of quantity, quality, and/or value</p> Signup and view all the answers

    What is the definition of AS-IS in auctions?

    <p>Allows absentee bidders to participate in auctions without being present</p> Signup and view all the answers

    What is the definition of accounting of a sale in auctions?

    <p>A report to the seller about the financial aspects of an auction</p> Signup and view all the answers

    What is the definition of ad valorem in auctions?

    <p>A tax based on valuation</p> Signup and view all the answers

    What is an agent in auctions?

    <p>A person who represents another individual or entity with their authority to do so</p> Signup and view all the answers

    What is the definition of alienation in auctions?

    <p>The transfer of real property by one person to another</p> Signup and view all the answers

    What is an annuity in auctions?

    <p>A sum of money or its equivalent that constitutes one of a series of payments</p> Signup and view all the answers

    What is the purpose of an apprentice auctioneer in auctions?

    <p>To train under the supervision of a licensed auctioneer</p> Signup and view all the answers

    What is an administrator in auctions?

    <p>A person appointed by the court when no will is left</p> Signup and view all the answers

    What is the purpose of absolute auctions in auctions?

    <p>To have no limiting conditions or amount and the seller cannot bid</p> Signup and view all the answers

    What is the definition of amortization in auctions?

    <p>Paying a mortgage by payments or on an installment basis</p> Signup and view all the answers

    What is the definition of an agent in an auction?

    <p>A person who represents another individual or entity with their authority to do so.</p> Signup and view all the answers

    What is the definition of an appraisal in an auction?

    <p>The act of estimating value or an estimate of quantity, quality, and/or value.</p> Signup and view all the answers

    What is the definition of an annuity in an auction?

    <p>A sum of money or its equivalent that constitutes one of a series of payments.</p> Signup and view all the answers

    What is the definition of accounting of a sale in an auction?

    <p>A report to the seller about the financial aspects of an auction.</p> Signup and view all the answers

    What is the definition of alienation in an auction?

    <p>The transfer of real property by one person to another.</p> Signup and view all the answers

    What is the definition of amortization in an auction?

    <p>Paying a mortgage by payments or on an installment basis.</p> Signup and view all the answers

    What is the definition of an administrator in an auction?

    <p>A person appointed by the court when no will is left.</p> Signup and view all the answers

    What is the definition of AS-IS in an auction?

    <p>Allows absentee bidders to participate in auctions without being present.</p> Signup and view all the answers

    What is the definition of ad valorem in an auction?

    <p>A tax based on valuation.</p> Signup and view all the answers

    What is the definition of an apprentice auctioneer in an auction?

    <p>A person in training and operating under the supervision of a licensed auctioneer.</p> Signup and view all the answers

    What is the definition of an acceleration clause in an auction?

    <p>States that the balance of an obligation must be paid in full upon default of a payment.</p> Signup and view all the answers

    What is the definition of an absolute auction in an auction?

    <p>Has no limiting conditions or amount and the seller cannot bid.</p> Signup and view all the answers

    What is the definition of an agent in an auction?

    <p>A person who represents another individual or entity with their authority to do so</p> Signup and view all the answers

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

    <p>Selling items in the condition they are in with no guarantees or warranties</p> Signup and view all the answers

    What is the definition of an appraisal in an auction?

    <p>The act of estimating value or an estimate of quantity, quality, and/or value</p> Signup and view all the answers

    What is the definition of alienation in an auction?

    <p>The transfer of real property by one person to another</p> Signup and view all the answers

    What is the definition of amortization in an auction?

    <p>Paying a mortgage by payments or on an installment basis</p> Signup and view all the answers

    What is the purpose of an accounting of a sale in an auction?

    <p>To report to the seller about the financial aspects of the auction</p> Signup and view all the answers

    What is an annuity in an auction?

    <p>A sum of money or its equivalent that constitutes one of a series of payments</p> Signup and view all the answers

    What is an administrator in an auction?

    <p>A person appointed by the court when no will is left</p> Signup and view all the answers

    What is an apprentice auctioneer in an auction?

    <p>Someone in training and operating under the supervision of a licensed auctioneer</p> Signup and view all the answers

    What is the meaning of ad valorem in an auction?

    <p>A tax based on valuation</p> Signup and view all the answers

    What is the purpose of an acceleration clause in an auction?

    <p>To state that the balance of an obligation must be paid in full upon default of a payment</p> Signup and view all the answers

    What is an absolute auction in an auction?

    <p>An auction with no limiting conditions or amount and the seller cannot bid</p> Signup and view all the answers

    What is the definition of an agent in auctions?

    <p>A person who represents another individual or entity with their authority to do so</p> Signup and view all the answers

    What is the purpose of an appraisal in auctions?

    <p>To estimate the value of a property</p> Signup and view all the answers

    What is the definition of alienation in auctions?

    <p>The transfer of real property by one person to another</p> Signup and view all the answers

    What is the definition of amortization in auctions?

    <p>Paying a mortgage by payments or on an installment basis</p> Signup and view all the answers

    What is the definition of an annuity in auctions?

    <p>A sum of money or its equivalent that constitutes one of a series of payments</p> Signup and view all the answers

    What is the purpose of an acceleration clause in auctions?

    <p>To state that the balance of an obligation must be paid in full upon default of a payment</p> Signup and view all the answers

    What is the definition of accounting of a sale in auctions?

    <p>A report to the seller about the financial aspects of an auction</p> Signup and view all the answers

    What is the definition of ad valorem in auctions?

    <p>A tax based on valuation</p> Signup and view all the answers

    What is the definition of an administrator in auctions?

    <p>A person appointed by the court when no will is left</p> Signup and view all the answers

    What is the definition of AS-IS in auctions?

    <p>Allows absentee bidders to participate in auctions without being present</p> Signup and view all the answers

    What is the definition of an apprentice auctioneer?

    <p>In training and operating under the supervision of a licensed auctioneer</p> Signup and view all the answers

    What is the purpose of an absolute auction in auctions?

    <p>To have no limiting conditions or amount and the seller cannot bid</p> Signup and view all the answers

    What is the definition of an agent in an auction?

    <p>A person who represents another individual or entity with their authority to do so.</p> Signup and view all the answers

    What is the purpose of an appraisal in an auction?

    <p>To estimate the value of an item being auctioned.</p> Signup and view all the answers

    What is the definition of ad valorem in an auction?

    <p>A tax based on valuation.</p> Signup and view all the answers

    What is the definition of alienation in an auction?

    <p>The transfer of real property by one person to another.</p> Signup and view all the answers

    What is an annuity in an auction?

    <p>A sum of money or its equivalent that constitutes one of a series of payments.</p> Signup and view all the answers

    What is an apprentice auctioneer?

    <p>Someone in training and operating under the supervision of a licensed auctioneer.</p> Signup and view all the answers

    What is the purpose of an acceleration clause in an auction?

    <p>To state that the balance of an obligation must be paid in full upon default of a payment.</p> Signup and view all the answers

    What is the purpose of accounting of a sale in an auction?

    <p>To provide a report to the seller about the financial aspects of an auction.</p> Signup and view all the answers

    What is the purpose of AS-IS in an auction?

    <p>To sell items without any guarantees or warranties.</p> Signup and view all the answers

    What is an administrator in an auction?

    <p>A person appointed by the court when no will is left.</p> Signup and view all the answers

    What is the purpose of an absolute auction in an auction?

    <p>To have no limiting conditions or amount and to prevent the seller from bidding.</p> Signup and view all the answers

    What is the definition of amortization in an auction?

    <p>Paying a mortgage by payments or on an installment basis.</p> Signup and view all the answers

    Study Notes

    Auction Terminology: Key Definitions and Concepts

    • AS-IS allows absentee bidders to participate in auctions without being present.
    • Absolute auctions have no limiting conditions or amount and the seller cannot bid.
    • Acceleration clauses state that the balance of an obligation must be paid in full upon default of a payment.
    • Accounting of a sale is a report to the seller about the financial aspects of an auction.
    • Ad valorem is a tax based on valuation.
    • An administrator is a person appointed by the court when no will is left.
    • An agent is a person who represents another individual or entity with their authority to do so.
    • Alienation is the transfer of real property by one person to another.
    • Amortization is paying a mortgage by payments or on an installment basis.
    • An annuity is a sum of money or its equivalent that constitutes one of a series of payments.
    • An appraisal is the act of estimating value or an estimate of quantity, quality, and/or value.
    • An apprentice auctioneer is in training and operating under the supervision of a licensed auctioneer.

    Auction Terminology: Key Definitions and Concepts

    • AS-IS allows absentee bidders to participate in auctions without being present.
    • Absolute auctions have no limiting conditions or amount and the seller cannot bid.
    • Acceleration clauses state that the balance of an obligation must be paid in full upon default of a payment.
    • Accounting of a sale is a report to the seller about the financial aspects of an auction.
    • Ad valorem is a tax based on valuation.
    • An administrator is a person appointed by the court when no will is left.
    • An agent is a person who represents another individual or entity with their authority to do so.
    • Alienation is the transfer of real property by one person to another.
    • Amortization is paying a mortgage by payments or on an installment basis.
    • An annuity is a sum of money or its equivalent that constitutes one of a series of payments.
    • An appraisal is the act of estimating value or an estimate of quantity, quality, and/or value.
    • An apprentice auctioneer is in training and operating under the supervision of a licensed auctioneer.

    Auction Terminology: Key Definitions and Concepts

    • AS-IS allows absentee bidders to participate in auctions without being present.
    • Absolute auctions have no limiting conditions or amount and the seller cannot bid.
    • Acceleration clauses state that the balance of an obligation must be paid in full upon default of a payment.
    • Accounting of a sale is a report to the seller about the financial aspects of an auction.
    • Ad valorem is a tax based on valuation.
    • An administrator is a person appointed by the court when no will is left.
    • An agent is a person who represents another individual or entity with their authority to do so.
    • Alienation is the transfer of real property by one person to another.
    • Amortization is paying a mortgage by payments or on an installment basis.
    • An annuity is a sum of money or its equivalent that constitutes one of a series of payments.
    • An appraisal is the act of estimating value or an estimate of quantity, quality, and/or value.
    • An apprentice auctioneer is in training and operating under the supervision of a licensed auctioneer.

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    Description

    If you're interested in auctions, it's important to know the key terminology used in the industry. This quiz will test your knowledge of auction terms, from "AS-IS" to "amortization" and everything in between. Whether you're a seasoned auction-goer or just starting out, this quiz will help you understand the concepts and definitions that are crucial to making informed decisions at auction. Get ready to test your knowledge and become an auction terminology expert!

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