1
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Auction Terms Questions and Answers
(100% Correct Answers) Already Graded
A+
Absentee Bid [ Ans: ] A 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
© 2025 Assignment Expert
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 [ Ans: ] A person (or entity) that is not present at
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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 [ Ans: ] An 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 [ Ans: ] A report issued to the seller by the
auctioneer or auction company detailing the financial aspects of
the auction.
Accredited Auctioneer Real Estate (AARE) [ Ans: ] The
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)
, 2
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Agent [ Ans: ] A person who acts on behalf of another individual
or entity.
American Bankruptcy Institute (ABI) [ Ans: ] The 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) [ Ans: ] The 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
© 2025 Assignment Expert
of the disciplines of appraisal specialists.
Appraisal [ Ans: ] A written or oral statement, independently
objectively and impartially prepared by a qualified appraiser,
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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 [ Ans: ] A 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 [ Ans: ] An auctioneer who is in training,
operating under the supervision of a licensed or experienced
auctioneer.
As is [ Ans: ] Selling 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."
For Expert help and assignment solutions, +254707240657
Auction Terms Questions and Answers
(100% Correct Answers) Already Graded
A+
Absentee Bid [ Ans: ] A 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
© 2025 Assignment Expert
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 [ Ans: ] A person (or entity) that is not present at
Guru01 - Stuvia
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 [ Ans: ] An 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 [ Ans: ] A report issued to the seller by the
auctioneer or auction company detailing the financial aspects of
the auction.
Accredited Auctioneer Real Estate (AARE) [ Ans: ] The
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)
, 2
For Expert help and assignment solutions, +254707240657
Agent [ Ans: ] A person who acts on behalf of another individual
or entity.
American Bankruptcy Institute (ABI) [ Ans: ] The 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) [ Ans: ] The 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
© 2025 Assignment Expert
of the disciplines of appraisal specialists.
Appraisal [ Ans: ] A written or oral statement, independently
objectively and impartially prepared by a qualified appraiser,
Guru01 - Stuvia
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 [ Ans: ] A 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 [ Ans: ] An auctioneer who is in training,
operating under the supervision of a licensed or experienced
auctioneer.
As is [ Ans: ] Selling 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."
