Absolute Auction - An auction without a reserve price in where items and lots are sold to the highest recognizes bidder

Auctioneer - A person licensed by the state with the authority to conduct a public auction

Auction Manager - A person who assists the auctioneer and or bid caller and helps handle any issues before, during and after the auction

Bid Caller - A person designated to "call the auction". This person is not necessarily the auctioneer but in most cases is.

Bid Increments - The increment that the auctioneer chooses to use to encourage bidding

Buyer's Premium - A percentage that is added to the hammer price (high bid price) which combined equals the final sale price

Clerk - A person who registers bidders, updates the progress of the auction and helps calculate bidder totals

Deed - A legal written instrument that transfers or conveys ownership of real property

Deed of Release - Commonly used to free property from a mortgage lien. Also known as a discharge.

Default - Failure to meet a verbal and or written contractual obligation when due.

Down Payment - Certified funds left with the auctioneer or staff member according to the terms and conditions of a particular auction.

Encumbrances - A registered claim or lien on real or personal property.

High Bidder - The last recognized bid

Left Bid - A bid that was literally left with the auctioneer to execute competatively at the auction as if the bidder were actually there. The left bidder must also pre-register to do this.

Phone Bid - A pre-registered bidder who will be in communication during the auction and authorize a bid over the phone as if they were there in person.

Preview - Time that has been scheduled for potential buyer's to look over what is being sold in advance of the auction

Reserve Auction - An auction with a price that needs to be achieved before the item can be sold

Registration - The process of qualifying valid bidders who leave down payments etc.

Runner - A person who helps rotate the current items for sale to the auction block and relays information between the auctioneer, clerk and or other staff members.

Scribe - A person designated to document the auction as it happens. This person also relays information between the clerk and auctioneer.

Terms and Conditions - Rules of the particular auction being advertised

This is just a very partial list of terms. We do plan on expanding this section soon.