NC Auctioneer key terms

The state statute that establishes the Auctioneer Licensing Board, sets licensing requirements, and authorizes regulation of auctioneers and auction firms in North Carolina.

The North Carolina board that administers auctioneer licensing, investigates complaints, and enforces the Auctioneer Licensing Act and its rules.

Any person or firm holding a valid North Carolina auctioneer or auction firm license issued by the Board, subject to its rules and discipline.

A business entity licensed by the Board to conduct auctions, which must have a designated auctioneer licensee responsible for its auction activities.

An individual licensed by the Board to call auctions, solicit bids, and conduct sales at auction in North Carolina.

The licensed auctioneer or authorized person who verbally solicits and acknowledges bids during an auction, directing the flow of bidding.

The act of removing an item or lot from sale before or during an auction, which may require disclosure, seller consent, or be restricted by the terms of sale.

The moment the auctioneer accepts the final bid by word or fall of the hammer, forming a binding contract of sale with the highest bidder.

An offer to purchase an item at auction at a stated price, which becomes binding on the bidder when accepted by the auctioneer.

A person who makes an offer to purchase at auction, whether present, by proxy, online, or by absentee means, and who is bound upon acceptance.

The written agreement between seller and auctioneer or auction firm setting forth the terms of the auction, commissions, fees, and the parties' obligations.

A contract in which a seller entrusts goods to an auctioneer or firm for sale at auction, specifying the minimum bid, commission, and settlement terms.

The published conditions governing an auction, including buyer's premium, payment methods, removal deadlines, and whether sales are final.

A percentage added to the hammer price and charged to the buyer, which must be disclosed in the terms of sale and advertising.

The final bid amount at which an item is sold, before any buyer's premium, taxes, or other charges are added.

The fiduciary relationship in which an auctioneer or firm acts on behalf of a seller or buyer with loyalty, disclosure, and obedience to lawful instructions.

The legal obligation of an auctioneer or firm to act in the principal's best interest, avoiding self-dealing, secret profits, and conflicts of interest.

A situation where an auctioneer's personal or financial interest could influence the auction, requiring disclosure and often consent from the seller.

The standards of honesty, fairness, and professionalism required of licensees, including truthful advertising and fair dealing with bidders and sellers.

A deceptive or unfair act in commerce, such as false advertising or bid manipulation, prohibited by North Carolina consumer protection law.

Advertising that contains untrue or misleading statements about an auction, its goods, or terms, which is prohibited and may lead to discipline.

The requirement to include specific information in auction advertising, such as the auctioneer's name, license number, and material terms of sale.

A separate bank account where an auctioneer or firm holds funds belonging to others, such as seller proceeds or buyer deposits, pending settlement.

The holding of funds or documents by a neutral third party until specified conditions are met, often used in real property auctions.

The final accounting and disbursement of auction proceeds to the seller after deducting commissions, fees, and expenses, with a written statement.

The obligation to maintain accurate records of auctions, bids, sales, and funds for a specified period, open to inspection by the Board.

An auction of land or buildings, which may require special disclosures, written contracts, and compliance with real estate laws.

The requirement to reveal material facts to bidders or sellers, such as property defects, auction terms, or the auctioneer's interest in the goods.

Tangible movable goods such as furniture, equipment, or vehicles, which are commonly sold at auction and subject to consignment and lien rules.

A legal claim against property securing payment of a debt, which may affect an auction sale and must be disclosed or resolved before transfer.

A bid submitted in advance by a person not present at the auction, which the auctioneer executes according to the bidder's instructions.

A bid authorized by a bidder for another person to place on their behalf, subject to disclosure and the auctioneer's rules.

The minimum price set by the seller at which an item may be sold; if bidding does not reach it, the auctioneer may withdraw the item.

Placing fictitious bids to artificially raise the price, which is deceptive, prohibited, and may constitute an unfair trade practice.

The person who records bids, sales, and buyer information during an auction, maintaining the official record of the sale.

An assistant who works the auction floor, spotting bidders and relaying bids to the auctioneer, often employed by the auction firm.

The person or entity who consigns goods or real property to an auctioneer for sale, with whom the auctioneer has a fiduciary relationship.