Kentucky Auctioneer License Exam with ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
verified detailed solutions ||//\\|| ||//\\||
Advertisement
means any written, oral, or electronic communication that: (a) Offers real or personal
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
property or any combination thereof by or at auction; or (b) Promotes, solicits, induces, or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
offers to conduct an auction or to provide auction services
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Apprentice auctioneer ||//\\||
means any person who is employed or supervised, directly or indirectly, by an auctioneer to
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
deal or engage in any activity in subsection (6) of this section, excluding the authority to
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
enter into an auction listing contract or to independently maintain an auction escrow
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
account
Auction
means any method of sale, lease, or exchange of real property, personal property, or any
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
combination thereof, by means of competitively increasing or decreasing bids. Any sale, ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
lease, or exchange of real property, personal property, or any combination thereof,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
advertised or presented in any way by or at auction, is an auction for the purposes of this ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
chapter
Auction house ||//\\||
means any fixed-base commercial establishment at which personal property is regularly or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
customarily offered at auction, or at which personal property is customarily or regularly ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
deposited and accepted, on consignment or otherwise, for sale at auction at a fixed location ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
"Auction house" does not mean ||//\\|| ||//\\|| ||//\\|| ||//\\||
1. Those establishments which limit personal property sold in regard to Thoroughbred
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
horses or other horses or any interests therein, including but not limited to horse shares and
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
seasons; 2. Tobacco and fixed-base livestock markets regulated by the United States
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Department of Agriculture; or 3. Fixed-base motor vehicle markets regulated by the ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Kentucky Motor Vehicle Commission pursuant to KRS Chapter 190 ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Auction house operator ||//\\|| ||//\\||
,the individual principally or ultimately responsible for the operation of an auction house, or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
in whose principal interest the establishment is operated. The auction house operator is
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
responsible for retaining a licensed auctioneer to call bids at all auctions at the auction ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
house
"Auctioneer" or "principal auctioneer" ||//\\|| ||//\\|| ||//\\||
any person who offers, solicits, negotiates, or attempts to offer, solicit, or negotiate an
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
auction listing contract, sale, lease, or exchange of real property, personal property, or any ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
other item of value, or any combination thereof, which may lawfully be kept or offered for
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
sale, lease, or exchange, or any combination thereof, by or at auction, or who offers the
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
same at auction and who is allowed to supervise and accepts the responsibility of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
sponsoring one (1) or more apprentice auctioneers ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Board
means the Board of Auctioneers ||//\\|| ||//\\|| ||//\\|| ||//\\||
Escrow account ||//\\||
an account, separate from the auctioneer's individual or office account, in which all money
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
belonging to others is held for the preservation and guarantee of funds until disbursement ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
to the appropriate party
||//\\|| ||//\\|| ||//\\||
Limited livestock auctioneer ||//\\|| ||//\\||
any auctioneer whose professional activities are limited to the calling of bids at the sale of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
livestock at fixed-based livestock yards operating under the control and guidance of the ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
United States Department of Agriculture ||//\\|| ||//\\|| ||//\\|| ||//\\||
Personal property ||//\\||
any tangible or intangible property, goods, services, chattels, merchandise, commodities, or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
any item of value in any form or type, other than real property, which may be lawfully kept
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
or offered for sale, exchange, or lease
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Person
any individual, association, partnership, corporation, limited liability company, or other
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
business entity, including any officer, director, or employee thereof ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Real property ||//\\||
, real estate in its ordinary meaning, including but not limited to timeshares, options,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
leaseholds, and other interests less than leaseholds of any form or type which may be ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
lawfully kept or offered for sale, exchange, or lease ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Sealed bid auction ||//\\|| ||//\\||
a sealed bidding procedure which incorporates or allows for any competitive increasing or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
decreasing of bids after the opening of sealed bids. A "sealed bid auction" is an auction ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
subject to the provisions of this chapter ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Buyer's Premium ||//\\||
A fee charged to buyers at some auctions. The buyer's premium is a percentage that is
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
added
to the last or final bid to determine the actual selling price. If the item selling is personal
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
property, then sales tax ||//\\|| ||//\\|| ||//\\||
should be figured on the actual selling price, the bid price plus the premium. If the item is
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
real estate, then the ||//\\|| ||//\\|| ||//\\||
"sale price" (what is recorded on the deed) is also the bid price plus the premium.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Bona Fide ||//\\||
A legal term which means that a person or entity is acting "in good faith, without
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
dishonesty, fraud ||//\\||
or deceit." ||//\\||
Prima Facie ||//\\||
A legal term that indicates evidence is sufficient to establish an allegation as reasonably
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
probable, a ||//\\||
strong appearance of a wrongful act. The facts in a complaint against a licensee must
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
constitute prima facie ||//\\|| ||//\\||
evidence before the Board of Auctioneers will grant a hearing. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Reciprocate/Reciprocity
The mutual exchange of rights or privileges, such as the mutual recognition and
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
exchange of auctioneer's licenses between states. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Fair Market Value ||//\\|| ||//\\||
The estimated price that a willing seller will take for goods and a willing buyer will give, if
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
neither buyer nor seller is under any compulsion or undue influence to buy or sell. The ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
verified detailed solutions ||//\\|| ||//\\||
Advertisement
means any written, oral, or electronic communication that: (a) Offers real or personal
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
property or any combination thereof by or at auction; or (b) Promotes, solicits, induces, or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
offers to conduct an auction or to provide auction services
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Apprentice auctioneer ||//\\||
means any person who is employed or supervised, directly or indirectly, by an auctioneer to
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
deal or engage in any activity in subsection (6) of this section, excluding the authority to
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
enter into an auction listing contract or to independently maintain an auction escrow
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
account
Auction
means any method of sale, lease, or exchange of real property, personal property, or any
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
combination thereof, by means of competitively increasing or decreasing bids. Any sale, ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
lease, or exchange of real property, personal property, or any combination thereof,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
advertised or presented in any way by or at auction, is an auction for the purposes of this ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
chapter
Auction house ||//\\||
means any fixed-base commercial establishment at which personal property is regularly or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
customarily offered at auction, or at which personal property is customarily or regularly ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
deposited and accepted, on consignment or otherwise, for sale at auction at a fixed location ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
"Auction house" does not mean ||//\\|| ||//\\|| ||//\\|| ||//\\||
1. Those establishments which limit personal property sold in regard to Thoroughbred
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
horses or other horses or any interests therein, including but not limited to horse shares and
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
seasons; 2. Tobacco and fixed-base livestock markets regulated by the United States
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Department of Agriculture; or 3. Fixed-base motor vehicle markets regulated by the ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Kentucky Motor Vehicle Commission pursuant to KRS Chapter 190 ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Auction house operator ||//\\|| ||//\\||
,the individual principally or ultimately responsible for the operation of an auction house, or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
in whose principal interest the establishment is operated. The auction house operator is
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
responsible for retaining a licensed auctioneer to call bids at all auctions at the auction ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
house
"Auctioneer" or "principal auctioneer" ||//\\|| ||//\\|| ||//\\||
any person who offers, solicits, negotiates, or attempts to offer, solicit, or negotiate an
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
auction listing contract, sale, lease, or exchange of real property, personal property, or any ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
other item of value, or any combination thereof, which may lawfully be kept or offered for
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
sale, lease, or exchange, or any combination thereof, by or at auction, or who offers the
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
same at auction and who is allowed to supervise and accepts the responsibility of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
sponsoring one (1) or more apprentice auctioneers ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Board
means the Board of Auctioneers ||//\\|| ||//\\|| ||//\\|| ||//\\||
Escrow account ||//\\||
an account, separate from the auctioneer's individual or office account, in which all money
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
belonging to others is held for the preservation and guarantee of funds until disbursement ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
to the appropriate party
||//\\|| ||//\\|| ||//\\||
Limited livestock auctioneer ||//\\|| ||//\\||
any auctioneer whose professional activities are limited to the calling of bids at the sale of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
livestock at fixed-based livestock yards operating under the control and guidance of the ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
United States Department of Agriculture ||//\\|| ||//\\|| ||//\\|| ||//\\||
Personal property ||//\\||
any tangible or intangible property, goods, services, chattels, merchandise, commodities, or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
any item of value in any form or type, other than real property, which may be lawfully kept
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
or offered for sale, exchange, or lease
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Person
any individual, association, partnership, corporation, limited liability company, or other
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
business entity, including any officer, director, or employee thereof ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Real property ||//\\||
, real estate in its ordinary meaning, including but not limited to timeshares, options,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
leaseholds, and other interests less than leaseholds of any form or type which may be ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
lawfully kept or offered for sale, exchange, or lease ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Sealed bid auction ||//\\|| ||//\\||
a sealed bidding procedure which incorporates or allows for any competitive increasing or
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
decreasing of bids after the opening of sealed bids. A "sealed bid auction" is an auction ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
subject to the provisions of this chapter ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Buyer's Premium ||//\\||
A fee charged to buyers at some auctions. The buyer's premium is a percentage that is
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
added
to the last or final bid to determine the actual selling price. If the item selling is personal
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
property, then sales tax ||//\\|| ||//\\|| ||//\\||
should be figured on the actual selling price, the bid price plus the premium. If the item is
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
real estate, then the ||//\\|| ||//\\|| ||//\\||
"sale price" (what is recorded on the deed) is also the bid price plus the premium.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Bona Fide ||//\\||
A legal term which means that a person or entity is acting "in good faith, without
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
dishonesty, fraud ||//\\||
or deceit." ||//\\||
Prima Facie ||//\\||
A legal term that indicates evidence is sufficient to establish an allegation as reasonably
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probable, a ||//\\||
strong appearance of a wrongful act. The facts in a complaint against a licensee must
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constitute prima facie ||//\\|| ||//\\||
evidence before the Board of Auctioneers will grant a hearing. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Reciprocate/Reciprocity
The mutual exchange of rights or privileges, such as the mutual recognition and
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exchange of auctioneer's licenses between states. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Fair Market Value ||//\\|| ||//\\||
The estimated price that a willing seller will take for goods and a willing buyer will give, if
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neither buyer nor seller is under any compulsion or undue influence to buy or sell. The ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
