by Myers Jackson | Sep 10, 2022 | Terms
Uniform Commerical Code Adopted in unison by 49 states with exception of Louisiana whose rules are just slightly different. Uniform Commerical Code (UCC) 2-328 , Auction Rules and Law , Governs auctions and uniform acts that have been promulgated by states. Texas...
by Myers Jackson | Sep 10, 2022 | Terms
Reserve What does reserve when selling at auction or real estate. personal property, farm, ranch house, car The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as “reserve price”. The reserve price is...
by Myers Jackson | Sep 10, 2022 | Terms
Bookkeeper or Clerk The individual responsible for the accounting and paperwork at an auction sale. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and...
by Myers Jackson | Sep 10, 2022 | Terms
Regroup A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected by other bidders, thereby creating one larger parcel out of several smaller parcels. This process is often used in conjunction with...
by Myers Jackson | Sep 10, 2022 | Terms
Referring Broker A real estate broker who does not have a listing on a property but refers the auction company to a potential seller for an auction. Usually earns a flat fee commission for referring product to an auction company. Real estate words and...
by Myers Jackson | Sep 10, 2022 | Terms
Bidder’s Choice A method of sale whereby the successful high bidder wins the right to choose an asset or assets from a grouping of similar or like-kind assets. After the high bidder’s selection, the asset is deleted from the group, and the second round of bidding...
