AUCTION TERMS                                             
 ABSENTEE BIDS:procedure that allows a
person to bid on an item when they cannot
attend a auction.                                                 
 ABSOLUTE AUCTION:an auction where
merchandise is sold to the highest bidder with
out a reserve.                                                     
 ANTIQUE AUCTION:an auction that has only  
 items considered to be antique.                        
   APPRAISAL: the estimated value of an item   
   AS IS:selling an item without a guarantee of
the condition.                                                      
       AUCTION BLOCK:the podium where the
auctioneer sits.                                                   
 AUCTION VALUE:the price an item brings at
auction.                                                               
 AUCTIONEER:the person who conducts an
auction.                                                               
 BANK LETTER OF CREDIT:a letter from a
bank certifying that the named person is
worthy of given level of credit.                            
            BACK BIDDER:the person who made
the next to last bid.                                             
               BID: is the offer a person makes to
purchase an item at auction.                              
                 BIDDER NUMBER: number issued
to the person who register at an auction            
           BIDDERS CHOICE:where the top
bidder gets  his/her choice out of a group of
items.                BUYER'S PREMIUM: a fee
charged to the winning bidder at an auction
usually a percentage.                                         
                CLERK: the person who keeps track
of what is sold and who bought it.                      
             CONSIGNMENT: items from a seller
offered up for auction.                                        
             COMMISSION: the fee charged to the
seller by the auctioneer.                                     
         CONDITION OF SALE:the terms that
govern the conduct of the auction.                     
             CONSINEER:the person who put
items in an auction to sell.                                  
                   ESTATE SALE: items in auction
are from an estate                                              
                    FLOOR HELP: employees of the
auctioneer who hold up items for sale and help
the auctioneer catch bids.                                  
       OPENING BID:the starting bid on item up
for auction.                                                         
        ON-SITE AUCTION:when the auction is
conducted on the premises of the seller.           
PREVIEW:a time set by the auctioneer to look
at the items before the auction.                         
RESERVE: a price an item must reach before
the seller will sell the item.                                  
 TIE BID: when to people bid on an item at the
exact same time,or when the floor man and the
auctioneer have two different people on at the
same time.the auctioneer can open it up
between the two people,if neither one wants to
bid higher the auctioneer makes the decision
who to sell it to.