Definitions 1.docx

VOCABULARY & DEFINITIONS A. "AS-1S" - Selling the property without warranties as to the condition and / or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection, Thus, AS-IS ABSENTEE BID- Allows Bidder to p...

VOCABULARY & DEFINITIONS A. "AS-1S" - Selling the property without warranties as to the condition and / or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection, Thus, AS-IS ABSENTEE BID- Allows Bidder to participate in bidding process without being physically present. ABSENTEE BIDDER: A person (or entity) who does not attend the auction, but submits an absentee Bid. ABSOLUTE AUCTION: (AUCTION WITHOUT RESERVE) An auction where property is sold to the highest qualified bidder with NO limiting conditions or amount. The seller may NOT bid personally or through an agent. ( ACCELERATION CLAUSE: Claus in a mortgage, land deal or lease stating that upon default of a payment due; the balance of the obligation should at once be due and paid in full. ACCOUNTING OF A SALE: A report to the seller by the auctioneer about details of the financial aspects of the auction. ACRE: = 160 RODS, or 4840 sq. yards, or43,560 sq. feet. (Note: A section of land is 640 acres) AD VALOREM: A tax according to valuation. ADMINISTRATOR: A person appointed by the court when no will is left. ADVANCE FEE: Down Payment AGENT: A person who represents another individual or entity with their authority to do so. AGREEMENT OF SALE: (CONTRACT) An agreement between two or more people or companies which created or modify a legal relationship. ALIENATION: The transfer of Real Property by one person to another. AMORTIZATION: Paying a mortgage by payments or on an installment basis. ANNUITY: A sum of money or it equivalent that constitutes one of a series of payments. APPRAISAL: 1. The act of estimating value 2. An estimate of quantity, quality, and or value. APPRENTICE AUCTIONEER: An auctioneer who is in training and operating under the supervision of a licensed auctioneer. ASSIGNEE: One with whom the contract or agreement is assigned. AUCTION: A method of selling real or personal property in a public forum through an open and competitive bidding. It is also referred to as an Auction Block Sale, Public Auction, and Auction Sale. AUCTION BLOCK: It is the Podium or raised platform where the Auctioneer stands while conducting the auction. To place something on the auction block means to sell something at the auction. AUCTION LISTING AGREEMENT: (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, rights, and responsibilities of both parties. AUCTION MARKETER: In the case of Real Property; a person who contracts with the Sellers for a auction method of marketing property.