Auction Glossary

Auction Glossary

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Auction Glossary Auction Glossary and Terms of Auction: — A — AARE (Accredited Auctioneer, Real Estate) The professional designation awarded by the National Auctioneers Association (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. Absentee Bid A procedure that allows a bidder to participate in the bidding process without being physically present at the auction. Generally, a bidder submits an offer on an item prior to the auction. The auctioneer or his representative usually handles absentee bids under an established set of guidelines. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder A person (or entity) who does not attend the sale but…
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