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. The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction. An auctioneer hired by the principal auctioneer. A letter from a bank certifying that a named person is Worthy of a given level of credit.
Bids are usually in standardized increments established by the auctioneer.
Acknowledgment A form executed by the high bidder confirming and acknowledging the bidder's identity, the bid price and the description of the Property. Also known as ringmen, bid consultants, bid spotters or groundsmen. Commonly known as the auctioneer. The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value. The number issued to each person who registers at an auction.