Accounting of Sale A report issued to the seller by the auctioneer detailing the financial aspects of the auction. Advertising Non-personal, paid communication such as newspaper, radio, direct mail and TV directed toward the general public or, in some cases, specific prospective client groups to provide information about the time, place, contents, and arrangements of an auction. Agent A person who acts for or in the place of another individual or entity by authority from them. The act or process of estimating value. An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
Buyers are solely responsible for examining and judging the property for their own protection.
Auction A method of selling real estate in a public forum through open and competitive bidding. The podium or raised platform where the auctioneer stands while conducting the auction. 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. An individual who contracts with sellers for the auction method of marketing property. In the case of real property, he or she may not actually conduct the sale but is directly responsible for all aspects of marketing the property.