Auction Exam Questions With 100% Correct Answers

Auction Exam Questions With 100% Correct Answers Absentee Bid - answerA procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder - answerA person (or entity) that is not present at the auction but submits, in advance, a written or oral bid that is the top price they will pay for a given asset. Absolute auction - answerAn auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an "auction without reserve." Accounting of Sale - answerA report issued to the seller by the auctioneer or auction company detailing the financial aspects of the auction. Accredited Auctioneer Real Estate (AARE) - answerThe professional designation awarded by the NAA Education Institute to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. In order to be designated with the AARE, auctioneer-scholars are required to complete 42 classroom hours, a detailed written auction summary report, proof of at least 10 real estate auctions, and 24 hours of continuing education every three years.Accredited Auctioneer Real Estate (AARE) Agent - answerA person who acts on behalf of another individual or entity. American Bankruptcy Institute (ABI) - answerThe American Bankruptcy Institute is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. America Society of Appraisers (ASA) - answerThe American Society of Appraisers is an international organization of appraisal professionals and others interested in the appraisal profession. ASA is the oldest and only major appraisal organization representing all of the disciplines of appraisal specialists. Appraisal - answerA written or oral statement, independently objectively and impartially prepared by a qualified appraiser, prepared in accordance with generally accepted appraisal standards, setting forth an opinion of defined value of an adequately described asset, as of a specific date, supported by the presentation and analysis of relevant market information. Appraisal Foundation, The - answerA not-for-profit organization dedicated to the advancement of professional valuation, established by the appraisal profession in the U.S. in 1987. Since its inception, the Foundation has worked to foster professionalism in appraising. It is authorized by Congress as the source of appraisal standards and appraiser qualifications. Apprentice auctioneer - answerAn auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer. As is - answerSelling 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. Otherwise known as "As Is, Where Is" and "In its Present Condition." Auction - answerA method of selling property in a public forum through open and competitive bidding. Also known as "public auction" or "auction sale." Auction Block - answerThe podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction. Auction Listing Agreement - answerA 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 Marketer - answerAn individual who contracts with sellers for the auction method of marketing property. In the case of real property, the individual may not actually conduct the sale but is directly responsible for all asp