Jay Allen, Auctioneer

RARE Auction Group
1860 Lone Oak Road
Paducah, KY 42003
     (800) 307-SOLD (307-7653)  

RARE Auction Group
Jay Allen, Auctioneer

(270) 564-2725  |  Jay@PaducahAuction.com

Robert Alexander Real Estate & Auction Co.

Robert Alexander, Principal Auctioneer


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Thank you for visiting PaducahAuction.com!

Jay Allen serves as an Auctioneer
for estate, personal property, and charity auctions.

If you want to sell your property (home, business, possessions, etc.)
at true market value on the day you choose, call Jay!

If you want to raise more money for your charity with an auction, call Jay!

Here are a few upcoming auctions from RARE Auction Group...



Thursday, June 20th • 5:07 PM

1625 Gholson Rd, Paducah, KY

+5 ACRES • 3 TRACTS • +1660 Sq.Ft. • 2 or 3 Bedrooms • Large Basement • Barn • +620 Sq.Ft. Garage

Location: Traveling I-24 take Exit 7, Hwy 62 West, +8 miles and turn right on Gholson Rd. Property on left.

Heath Elementary & Middle School • McCracken Co. High School • City Water Available

Tell me about the good ‘ole days. This pretty homeplace says welcome, enjoy, ya’ll come back. Situated on Tract 2, with +2.25 Acres and +194ft of road frontage, is this attractive Bedford Stone Home featuring: A +26.25 x 17ft (with offset) ell configured Living Room with Bedford stone fireplace and hardwood floor under carpet; it is adjoined by a +18.5 x 10ft Kitchen & Dining Room Combination w/offset; each Bedroom is +14 x 11ft w/double closets and hardwood under carpet; the +19 x 16ft Bonus Room, Study or Future Master Bedroom, has patio doors to the +21 x 12ft Deck and steps out to the +25 x 24.75ft Attached Garage, plus the home has central heat & air and a large basement for storm protection/hobbies; Tract 1 has +1.48 Acres with +150ft of road frontage - beautiful, cleared home sites & some woods, plus +45.5 x 29.5ft concrete block building, and city water available; Tract 3 is +1.25 Acres with +150ft of road frontage, gently rolling and grassy, with towering shades and just right home sites, plus has septic system & city water available.

Terms of Auction: 15% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to the final bid/s and included in the total contract price/s. Survey split 50/50, Buyers/Sellers.


Antiques & Furniture: Howard Miller cherry-case grandfather clock w/split finial; beautiful antique oak ice box; bowed-front mahogany 7-drawer ladies desk/dresser w/mirror; 8-drawer cherry ladies desk; 1-drawer 30's library table; 1-door glass curio cabinet; beautiful Acrosonic by Baldwin mahogany spinet piano w/bench; matching Broyhill sofa & love seat; large gilt-framed mirror; pretty framed prints; ladder-back, rope-bottom rocking chair; 4 ladder-back, rope-bottom chairs; pr of wingback arm chairs w/Queen Anne legs; Cochran maple dining room suite (primitive drop-leaf kitchen table & 6 chairs); china cabinet; maple arrow-back arm rocker; maple 4-poster full size canopy bed; cherry 4-poster bed; gun cabinet; maple sewing machine; nice Stickley cedar chest; Federal-style 1-drawer side table; maple spoke-back side chair; cherry drop-leaf end table; cherry 1-drawer end table; cherry oval coffee table; 2-door wood cabinet; Victrola record player; 2-door arts & crafts cabinet; round kitchen table & 4 chairs; upholstered armchair; ottoman; mahogany Duncan Phyfe style 1-drawer pedestal side table; pr of upholstered side chairs; upholstered armchair; maple smoke stand; several wood arts & crafts pcs; La-Z-Boy recliner; Lane recliner; maple coffee & end tables w/drawers; oak entertainment center; child’s rocker; sofa & chair; console TV/stereo cabinet; whatnot shelf; quilt rack; office chair; heavy antique wood rocker; Duncan Phyfe 2-pedestal drop-leaf table w/2 leaves;

Glassware; Collectibles; Kitchenware & Misc: 3 gallon stoneware churn; banquet lamps; brass figurines; large ceramic angel collection; large porcelain cardinal collection; Christmas villages; Neal Holland The Master’s Touch print; pr table lamps; crystal cake keeper; LaBelle pitcher; Bulova shelf clock - time, strike & chime; crystal bowls; amber pcs; brown stoneware; coal oil lamp; spice set; Harmony House china, +34 pcs; pots & pans; square iron skillet; silver plate serving pcs; depression glass; +44pcs pitcher, goblets, saucers, accessory pcs - Pairpoint; 8 crystal platters; crystal covered butter dishes; Homer Laughlin pcs; large set of Harmony House china; large crystal platters; pressure cooker; Ken Holland prints; milk glass sandwich set; pr milk glass bedroom lamps; hobnail milk glass banquet lamp; pink depression pcs; crystal stemware; Christmas dishes; pr of pretty table lamps; porcelain dolls; Enesco demitasse cups & saucers; crystal & etched vases; angel music box - porcelain; crystal compote; pretty porcelain figurines; Germany bowl; carved wood picture frame; much more;

Appliances: 2-door refrigerator; Whirlpool microwave; electric typewriter; portable TV; Bell & Howell projector;

Tractor & Farm Implements: 600 Ford tractor 640 series - as is; 4 row, 2 row, 1 row cultivator; 6ft rotary hoe; chest-type tool base & chest; iron corn sheller; metal shelf unit;

Vehicles: 91 - ‘98 Olds 4-door car; ‘83 Chevy Silverado pickup; ‘67 flatbed Chevy 50 w/grain sides;

500 GALLON PROPANE TANK; much more.

Terms: Visa, MasterCard, cash or guaranteed funds. 10% added to final bids.





 Thursday, June 27th • 5:07 PM

 3 Adjoining Commercial Rental Properties



520 Oscar Cross Ave.

Presently Rented for $600 Per Month 

+4,000 Sq.Ft. Metal Building 

Large Lot



600 South 6th Street 

Presently Rented for $600 Per Month 

+1,456 Sq.Ft. Building • 3 Overhead Doors 

+110 x 57ft Lot • Blacktop Parking

Tanks Removed/Certified




612 South 6th Street 

Recently Rented for $550 Per Month 

+1,290 Sq.Ft. Office Building 

+68 x 57ft Lot • Blacktop Parking Lot


Terms of Auction: 20% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to final bid/s and included in the total contract price/s. Offered separate & combined.





Saturday, June 29th • 10:07 AM

Garden of the Gods Area • Hardin County

+1544 sq ft • 3 Bedrooms •  3 Bath •  Double Carport

Detached 20x40 Ft Garage/Sq Post Building

+ 12 Acres Babbling Brook Creek

Location: From Harrisburg, IL, IL-345 +15 miles and turn left onto 1180 N/Karbers Ridge Rd. Watch for auction signs. From Metropolis, IL or Paducah, KY, traveling I-24 take Exit 37 toward Brookport, take the first left onto IL-145 N and drive +15.4 miles and turn right (at Dixon Springs) onto IL-146 E and go +10.8 miles. Turn left onto IL-34 N and go +7.4 miles. Turn right onto 1180 N/Karbers Ridge Rd. and go +.8 miles. Watch for auction signs.

Considering a laid back way of life? It doesn’t get any better than this. +15 miles south of Harrisburg is this little piece of heaven. If you’ve ever visited Garden of the Gods, you’ve been in the neighborhood. Beautiful views, great trails, babbling creek, white tail deer, turkey, quail and scenic beauty. Open to wooded hillside with 2 creeks that turn from babbling to whitewater with spring rains, dogwoods to towering oaks and evergreens abound. Rural Hardin County offers quiet settings with an abundance of horseback riding, hiking, hunting, fishing or just relaxing, beautiful trails. Attractive for retirees. Neighbors include a high end vacation home and a nice cattle farm – both pristine. Tucked away in these beautiful hills of Hardin County is this outstanding cedar-planked frame home that was built for a lifetime of enjoyment. Consider these features: Outstanding cedar inside and out; +64ft of porches; +14.75 x 11 Patio/Pagoda; +21 x 16ft Family Room w/stone hearth and backwall w/buck stove, cathedral ceiling, cedar wall & staircase and outstanding views; +15.33 x 11ft Kitchen w/cathedral ceiling, ceramic tile floor, oak pull-out pantry & breakfast bar, and is adjoined by the +13.5 x 10.5ft Dining Room; the Master Bedroom is +19.5 x 14.5ft, including a walk-in closet and Master Bath; the Second Bedroom is +12.5 x 11.5ft w/2 cedar-lined closets; in close proximity is the +7.5 x 5.5ft Hall Bath and hall double closet; upstairs is a Junior Master Suite, beautiful for a teen or guests, it includes a +13 x 11ft Bedroom with plank cedar ceiling, +7.25 x 7.25ft walk-in closet and a +7.25 x 4.5ft Full Bath with soaking tub, cozy, yet roomy! Other amenities include: +20 x 30ft Attached Double Carport/Covered Patio; +64ft of Porches (including: 2 rocking chair, railed, covered porches; 1 covered deck and a +14.75 x 11ft exposed, aggregate Patio w/Pagoda); propane gas central heat and air, 200 amp breaker system, well water, septic system, serene country living in the Shawnee National Forest Area and much more.

Terms of Auction: 20% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to the final bid and included in the total contract price.


Quality Furniture, Tools, & Collectibles

Furniture & Collectibles:  Table and 4 Oak Arrowback chairs; 2 Oak Arm Rockers; Oak Grandfather clock; Victorian Style Loveseats; 5 drawer chest of drawers; glass top desk with executive office chair; cedar chest with bench top; Queen size bed; Gilt framed mirror; tile top coffee table; day bed; wood arm side chair; 3 drawer night stand; framed print; floor lamp; upholstered sidechair; bar stool; pair of wood bar stools; 2 door wood cabinet; bakers rack; 5 drawer chest; Antique 4 drawer chest; Large gild framed wall mirror; 3 drawer nightstand; Queen size bed; recliner; trunk; Full size bed; Pine blanket chest; Pine 5 drawer chest; kerosene lamp; make up table; octagon framed mirror.

Appliances:  Kenmore refrigerator-freezer; stackable washer and dryer; microwave; waffle iron; vacuum; Belgian waffle maker; dorm size refrigerator freezer; Kingsford charcoal grill; 2 33” widescreen flat screen tv’s.

Equipment, Tools and Misc:  Self-propelled walk behind mower; weedeater; 5.5 hp 22” push mower; Ariens 6hp weedeater; Power Boss high pressure washer; Craftsman 14” chain saw; Craftsman 18” chain saw; 8 ft Werner step ladder; wheel barrow; jump starter; Igloo dog house; smoker grill; 6” vice; fire pit; post hole digger; sledge hammer; garden tools; hose and reel; Troybilt Weedeater; Craftsman 4 cycle backpack blower; Poulan Blower.

Terms of Auction:  Visa, Mastercard, cash or guaranteed funds.  10% buyer premium added to final bids.  Selling as is.






Saturday, July 6th • 10:07 AM

105 & 117 Barkley Dr., Grand Rivers, KY

+200ft Road Frontage

Across From Patti’s & Patti’s Annex

2 Level • 1,600 Sq.Ft. Under Roof • 2 Buildings 


Excellent Commercial Location

The secret’s out - it doesn’t get any better than this. Lake Barkley/KY Lake/Land Between the Lakes. Minutes to I-24/I-69/Purchase Parkway. The home of the late Edna Hook. Selling in one parcel. Main Level of the home is +800sq.ft. of Living Area. It’s features include: A +16.75 x 11.5ft Living Room w/hardwood under carpet; a +15 x 11.33ft Eat-In Kitchen; 2 bedrooms, also with hardwood, the larger is +11.5 x 10.5ft and the Second Bedroom is +10.5 x 9.5ft with a +7 x 5ft Full Bath; the Full Basement is +800sq.ft. Also on the property, 117 Barkley Dr., is a +650sq.ft. Building that has separate metered electric, and was rented out as a business in the past. Other amenities include city water & sewers, natural gas heat and window unit air conditioning, and off-street parking.

Terms of Auction: 20% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to the final bid and included in the total contract price.






Thursday, July 11th • 10:07 AM

203 Broadway, Paducah, KY

Paducah Landmark!

5-Story, +20,000 Sq.Ft, Building


Well-known for many decades as Michael’s Hardware, and more recently as an antique mall. Over a century of success! This 5-story nostalgic gem boasts of over 20,000 sq.ft. under roof and has the history, the architecture and ambience, plus excellent zoning for many, many endeavors! The building has natural gas heat, 3 phase & single phase power, has been re-wired in conduit, and has an elevator that reaches all floors including the basement, tall ceilings, large open spans, hardwood floors, solid brick exterior, and a +42 x 105ft Lot.

Terms of Auction: 20% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to the final bid and included in the total contract price.





Thursday, July 11th • 10:07 AM

2698 US Hwy 641 N., Benton, KY

Excellent Draffenville Business

Commercial Building

+1424 Sq.Ft. • Paved Parking


Attractive Commercial Building; Successful Tanning Bed Business - All Selling Separate! Located in Draffenville’s fast-growing business district. Features include: Commercial Entry w/+26 x 10.25ft Showroom/Retail/Waiting Room; 11 Partitioned Offices/Rooms; Restroom; Breakroom/Utility Area. 10 Professional Tanning Beds Selling Separate

Terms of Auction: 15% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to the final bid and included in the total contract price.


Personal Property (Partial Listing)

10 Tanning Beds (SolArt 50 by ACN Systems XL 52-6, 3-phase; ProSun Delta Xlc 500, 3-phase; ProSun 620 SLi Intensive, 3-phase; ProSun Lumina 34/3, 3-phase; ProSun 3090; ProSun 3090; ProSun 3090; ProSun Sapphire; ProSun 3090); decorator items; appliances & supplies.

Terms: Visa, MasterCard, cash or guaranteed funds. 10% added to final bids.






Saturday, July 13th • 10:07 AM

+1645 Sq.Ft. • Vinyl Siding

164 18th Ave, Calvert City, KY

Location: Traveling I-24 take the Calvert City Exit and turn right on Hwy 62. Take the 2nd right (near Mama D’s Restaurant). Watch for auction signs.

Situated on a pretty hillside home site is this attractive frame home with +1645sq.ft. Living Area; 3 Bedrooms; +560sq.ft. Garage/Basement; large, attractive yard with towering shades; nice garden area; close to Kentucky Lake, close to town, great country location - just minutes to Purchase Parkway and I-24! Its features include: +25.25 x 13.5ft Living Room/Dining Room combination with patio doors to the balcony with wraparound deck; +19 x 15.75ft Family Room with closet offset; +13.5 x 9ft Sewing Room or 3rd Bedroom; +10 x 6ft Full Bath. Other amenities include +28 x 20ft Garage/Basement with workbench; double concrete driveway; 200 amp breaker system; recently installed natural gas pack central heating and air conditioning system; +.7 Acres and much more.

Terms of Auction: 20% deposit day of auction, balance within 30 days. A 10% buyer premium will be added to the final bid and included in the total contract price.

Also Selling All Furniture, Tools & Collectibles!







Fantastic first impressions- The beauty of the majestic lake and the park like grounds, outstanding engineering craftsmanship and design. Beautiful hardwoods, brick work, 3 wood buring fireplaces views throughout. Nearly 5000 sq ft under roof +- 2864 sq ft living area on main level. +-1179 sq ft in the basement plus a +-845 sq ft attached 3 car garage. Consider these features +-19 ft by 18.5 2 column covered entry porch +-10.25 by 9.5 ft entry foyer with hardwood floor. +-31 ft by 14.5 ft family room with hardwood under carpet. +- 9 ft by 8 ft brick wood burning fireplace with brick hearth, built in cabinetry with bookcases and desk, patio doors to the +-31 by 12 ft covered patio. Just off the family room is a +-10.75 by 5 ft tiled full bath with 2 linen closets. +-20 by 12.75 ft study with glazed brick wood burning fireplace, hardwood floors and beautiful views of the lake. Has an adjoining walk in closet. Entertaining is made easy with the adjoining family room of +-26 ft by 11 ft kitchen gathering room that includes a +-11 by 11 ft breakfast room for casual dining. The kitchen is furnished with whirlpool smooth top cooking double eye level ovens, 22 cubic ft side by side Refrigerator, built in dish washer, custom cabinetry extra large and deep stainless steel sink. The adjoining dining room is +-16.5 by 9.5 ft with hardwood floor.
Down the hallway also with hardwood floor there are 5 closets including a laundry. The master bedroom is +-16.75 by 12.5 ft with hardwood floor and great view of the lake plus a +-12.5 ft ceramic tiled full bath. The second bedroom is +-12.25 by 11 ft with hardwood floor and view of lake and park like grounds. The third and fourth bedrooms this level are approx. 11.5 by 10 ft each and the third full bath is approx. 11.25 by 5 ft. The basement features +-32 ft by 12.75 ft fifth bedroom, recreational room or man cave/hideout with fireplace and 3 double closets, plus 3 day light windows. The second kitchen is +-13.25 by 8.5 ft with a +-13.25 by 9.5 ft breakfast nook. Nearby is a fourth full bath, a +-280 sq ft ell shape room is ideal for hobbies and recreation. Just steps away is the +-845 sq ft attached garage, it has 18 ft of cabinetry and work bench.
Other amenities include natural gas, central heat and air, breaker system, large stone and concrete fountain, large stone barbecue, outstanding well water with a new pump, and much more.
Terms of Auction: 10% deposit of auction,balance within 30 days, a 10% buyer premium will be added to the final bid and included in the total contract price.


The Robert Alexander Real Estate Auction is an accelerated method of marketing all types of
fine and RARE properties from farm, industrial and commercial to homes, villas, lakefront and luxury
properties. Twenty years of constantly evolving from cutting edge to state-of-the-art. During this time
Robert Alexander/RARE Auction Group has provided services to estates, individuals, corporations,
Local, Federal and State Governments, and the leading financial institutions with unparalleled success.
We invite your closet scrutiny. We are proud of our history and we will provide references, testimonials
and a complete illustrated proposal with details of all aspects of your auction. We feel you’ll discover a
RARE Auction in your near future - sold the day you want it - sold at true market value.

Home  |  About Jay  |  Contact  |  FAQ  |  History  |  Links  |  Terminology  |

© 2009-2013 Jay Allen. All Rights Reserved.

Jay Allen became a professional voice talent in 1995.
Since then he has recorded hundreds of radio and television commercials,
automated telephone answering systems and emceed live events before
audiences of over 10,000 people. In 2000, Jay began a successful career
selling television advertising.

With a natural ability for public speaking and an expert knowledge of sales,
Jay earned his auctioneer's license in 2009. As a licensed auctioneer, he immediately began working with Robert Alexander, Principal Auctioneer at RARE Auction Group.

























The following is a glossary of real estate auction terms developed by NAR's Real Estate Auction Committee, the National Auctioneers Association, and the Auction Marketing Institute. While it is a real estate glossary, most of the terms apply to all types of auctions.

(Accredited Auctioneer, Real Estate) The professional designation awarded by the Auction Marketing Institute, Inc. to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice.

Absentee Bid A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company.

Absentee Bidder A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property.

Absolute Auction An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.

Accounting of Sale A report issued to the seller by the auctioneer detailing the financial aspects of the auction.

Advertising Non-personal, paid communication such as newspaper, radio, direct mail and TV directed toward the general public or, in some cases, specific prospective client groups to provide information about the time, place, contents, and arrangements of an auction.

Agent A person who acts for or in the place of another individual or entity by authority from them.

Appraisal The act or process of estimating value.

Apprentice Auctioneer An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.

"As Is" Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition."

Auction A method of selling real estate in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale.

Auction Block The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.

Auction Listing Agreement A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.

Auction Marketer An individual who contracts with sellers for the auction method of marketing property. In the case of real property, he or she may not actually conduct the sale
but is directly responsible for all aspects of marketing the property.

Auction Marketing The method of marketing real property utilizing the auction method of sale.

Auction Marketing Institute, Inc. Founded in 1976, this international association awards the professional designations CAI and AARE to properly qualified auctioneers through education, experience, and adherence to a strict code of ethics and standards of practice. Formerly known as the Certified Auctioneers Education Institute, Inc.

Auction Plan The plan for pre-auction, auction day and post auction activities.

Auction Price The price of a property obtained through the auction method of marketing.

Auction Subject to Confirmation (See "Reserve Auction." )

Auction Value The price which a particular property brings in open competitive bidding at public auction.

Auction With Reserve An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.

Auction Without Reserve See Absolute Auction.

Auctioneer The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction.

Auctioneer Subcontractor An auctioneer hired by the principal auctioneer.

Ballroom Auction An auction of one or more properties conducted in a meeting room facility.

Bank Letter of Credit A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.

Bid A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.

Bid Acknowledgment A form executed by the high bidder confirming and acknowledging the bidder's identify, the bid price and the description of the property. Also known as Memorandum.

Bid Assistants Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decision. Also known as ringmen, bid consultants, bid spotters, or groundsmen.

Bid Caller The person who actually "calls," "cries or "auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as
the auctioneer.

Bid Rigging The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.

Bidder Number The number issued to each person who registers at an auction.

Bidder Package The package of information and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at an auction. Sometimes called a bidder packet or due diligence package.

Bidder's Choice A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the
high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.

Bookkeeper or Clerk The person who is responsible for the accounting and paperwork at an auction sale.

Broker Participation An arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the owner of the property or the auction firm.

Buyer's Broker A real estate broker who represents the buyer and, as the agent of the buyer, is normally paid for his/her services by the buyer.

Buyer's Premium An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.

CAI Certified Auctioneers Institute. The professional designation awarded to practicing auctioneers who meet the experiential, educational and ethical standards set by the Auction Marketing Institute, Inc.

Caravan Auctions A series of on site auctions advertised through a common promotional campaign.

Carrying Charges The costs involved in holding a property which is intended to produce income (either by sale or rent) but has not yet done so, i.e., insurance, taxes, maintenance, management.

Catalog or Brochure A publication advertising and describing the property(ies) available for sale at public auction, often including photographs, property descriptions, and the terms and conditions of the sale.

Caveat Emptor A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.

Certified Auctioneers Education Institute, Inc. Now known as the Auction Marketing Institute, Inc. See Auction Marketing Institute, Inc.

Clerk The person employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.

Collusion The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.

Commission The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.

Conditions of Sale The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

Contract An agreement between two or more persons or entities which creates or modifies a legal relationship.

Cooperating Broker A real estate broker who registers a prospective buyer with the auction company, in accordance with the terms and conditions for that auction. The broker is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a participating broker.

Critical Path Sequence of key tasks to be done by auction contractor or other designated parties on specified dates, leading to desired goals.

Dual Agency The representation of opposing principals (buyers and seller) at the same time.

Due Diligence The process of gathering information about the condition and legal status of assets to be sold.

Estate Sale The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.

Groundsman See Bid Assistants.

Hammer Price Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.

Listing Agreement See Auction Listing Agreement.

Listing Broker A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede his/her listing

Market Value The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

Memorandum Sometimes also referred to as a "Bidder Acknowledgment," or "Broker Acknowledgment," the memorandum is signed by those parties either on the auction floor or in the contract room.

Minimum Bid Auction An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.

Minimum Opening Bid The lowest acceptable amount at which the bidding must commence.

Multi-Property Auction A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.

Multi-Seller Auction Properties owned by many sellers, offered through a common promotional campaign are auctioned in a single event.

National Auctioneers Association An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.

National Real Estate Auction Committee A national committee developed by the National Association of REALTOR®s in April, 1990 to provide education to members concerning real estate auctions,
identify issues and monitor, review and analyze trends affecting the real estate auction industry. The Committee was sunset in November, 1999. All auction activities hosted by NAR now fall under the purview of the Auction Forum.

No-Sale Fee A charge paid by the owner of property offered at a reserve auction when the property does not sell.

Opening Bid The first bid offered by a bidder at an auction.

On-site Auction An auction conducted on the premises of the property being sold.

Participating Broker See Cooperating Broker.

Preview Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.

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.

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 bidder's choice.

Reserve The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price.

Reserve Auction An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See also Auction With Reserve.

Sale Manager The person designated by the auction company who is responsible for organizing the details of an auction. Also known as project manager.

Sealed Bid A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.

Seller Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.

Subject to Confirmation See Reserve Auction.

Tax Sale Public sale of property at auction by governmental authority, due to nonpayment of property taxes.

Terms The period of time that an agreement is in effect.

Terms and Conditions The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction

Tie Bids When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.

Trustee's Sale A sale at auction by a trustee.

Upset Price Commonly known as the reserve price.

Failure to reach the reserve price or insufficient bidding.

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