NH Auctioneer flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Absolute auction
- An auction with no reserve or minimum bid where the property sells to the highest bidder regardless of price; the seller cannot reject the high bid.
- Reserve auction
- An auction where the seller sets a minimum price; the auctioneer may reject bids below the reserve and the property need not sell if the reserve is not met.
- Hammer price
- The final bid amount at which the auctioneer accepts the winning bid and declares the item sold; the buyer's premium and tax are added to it.
- Buyer's premium
- A percentage added to the hammer price and paid by the buyer, forming part of the total contract price; it must be disclosed before bidding.
- Choice lot
- A sale method where the high bidder may select one or more items from a group of similar lots at the bid price per item or per lot.
- Times the money
- A bidding method where the bid amount is multiplied by the quantity of items in the lot to determine the total price owed by the buyer.
- Ringman
- An assistant who spots bids in the audience and relays them to the auctioneer; the auctioneer remains responsible for recognizing and accepting bids.
- Bidder paddle
- A numbered card or device issued to a registered bidder; the number identifies the buyer for recording bids and creating the sales contract.
- RSA 311-B
- The New Hampshire statute governing auctioneers, establishing licensing, examination, renewal, and disciplinary authority for the Board of Auctioneers.
- Board of Auctioneers
- The New Hampshire board within the Office of Professional Licensure and Certification that licenses auctioneers and enforces RSA 311-B and board rules.
- License renewal cycle
- New Hampshire auctioneer licenses renew biennially; renewal requires continuing education hours and payment of fees, with late penalties for expired licenses.
- Reciprocity licensure
- A pathway allowing an auctioneer licensed in another state with substantially equivalent requirements to obtain a New Hampshire license without full re-examination.
- Unlicensed practice
- Conducting an auction for compensation without a valid New Hampshire auctioneer license; it is a violation subject to fines and license discipline.
- Continuing education requirement
- Board-approved education hours an auctioneer must complete during each renewal cycle to maintain an active New Hampshire license.
- Advertising licensed name
- New Hampshire auction advertising must include the licensed name of the auctioneer or firm; misleading or false advertising is prohibited.
- Consignment agreement
- A written contract between seller and auctioneer stating property, reserve status, commission, buyer's premium, expenses, and settlement terms.
- Seller's property disclosure
- A New Hampshire form (RSA 477:4-d) for residential real estate requiring the seller to disclose known material defects before sale, including at auction.
- RSA 358-A
- New Hampshire's consumer protection statute prohibiting unfair or deceptive trade practices, including misrepresenting auction items or terms.
- As-is sale
- A sale where the property is sold without warranties; the disclaimer must be conspicuous and cannot override mandatory disclosures or unconscionable terms.
- Material defect disclosure
- The seller's and auctioneer's duty to disclose known conditions that significantly affect value or use; failure may violate consumer protection law.
- Contract formation at auction
- The bid is an offer and the fall of the hammer is acceptance, binding the buyer to pay the hammer price plus premium and tax under announced terms.
- Dual compensation disclosure
- An auctioneer must disclose any compensation received from both buyer and seller, and any interest in the property being auctioned.
- Trust account
- A dedicated escrow account where an auctioneer deposits client proceeds and buyer deposits, segregated from operating funds and disbursed only when authorized.
- Settlement statement
- A written accounting provided to the seller showing hammer price, commissions, buyer's premium, expenses, taxes, and net proceeds after the auction.
- Commingling
- Mixing client trust funds with the auctioneer's personal or business funds; prohibited because it risks loss of client money and license discipline.
- Record retention period
- The time set by New Hampshire statute or board rule during which auction contracts, bid records, and settlement statements must be kept and produced on request.
- Buyer default remedy
- When a winning bidder fails to pay, the auctioneer may resell the lot and hold the defaulting bidder liable for any deficiency plus costs, per announced terms.
- Sales tax remittance
- New Hampshire auctioneers must collect applicable tax on taxable sales and remit it to the Department of Revenue Administration, keeping exemption certificates.
- Soft close
- An online auction rule extending bidding time when a bid is placed near the deadline, preventing last-second sniping and ensuring fair competition.
- Daily reconciliation
- The practice of matching cash receipts, bid records, and bank deposits at the end of each auction day to detect shortages or errors.
- Numbered receipt
- A sequentially numbered document issued for each payment received at an auction, supporting the audit trail and trust account reconciliation.
- Disbursement authorization
- The condition that seller proceeds are released only after buyer funds clear and ownership or title is confirmed, protecting trust beneficiaries.