Appraisal - The act or process of estimating value. Buyers are solely responsible for examining and judging the property for their own protection. Auction 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 and the rights and responsibilities of each party. Auction With Reserve - An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
Bids are usually in standardized increments established by the auctioneer.
Bid Assistants - Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decision. Also known as ringmen, bid consultants, bid spotters, or groundsmen. Bidder Number - The number issued to each person who registers at an auction. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold. Buyer's Premium - A flat fee added to the high bid to determine the total contract price to be paid by the buyer.