Bidders Choice A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. 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.
Bid Rigging The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
Clerk The person employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.
Conditions of sale The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.
Due Diligence The process of gathering information about the condition and legal status of assets to be sold.
Estate Sale The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.
National Auctioneers Association An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.
Preview Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.