Ala. Admin. Code r. 150-X-1-.01

Current through Register Vol. 43, No. 02, November 27, 2024

Section 150-X-1-.01 - [Effective until 1/11/2025] Definitions

(1) Auctioneer: The term auctioneer shall include any person selling real estate, goods, wares, merchandise, automobiles, livestock, or other things of value by or at public auction.

(2) Auction: A public sale of property to the highest bidder.

(3) Auction Business or Business of Auctioneering:

The sale, either directly or through agents, or real or personal property at auction or the arranging, sponsoring, managing, promoting, conducting of advertising of auctions.

(4) Auction Company: Any legal business entity, including a sole proprietorship, that engages in the business of auctioneering.

(5) Absolute Auction: An auction without reserve. See Auction Without Reserve.

(6) Auction With Reserve: An auction in which the seller or his agent reserves the right to establish a minimum bid, to accept or reject any and all bids and to withdraw the property at any time prior to the completion of the sale by the auctioneer.

(7) Auction Without Reserve: An auction in which property put up for sale is sold to the highest bidder; where no minimum price will limit the bid; where the seller may not withdraw the property from the auction after the auctioneer calls for bids thereon, unless no bid is made within a reasonable time; and where the seller may not nullify the sale by bidding himself or through an agent. "Auction Without Reserve" is equivalent to the term "Absolute Auction." The Practice of deliberately misleading customers/buyers by marketing a property as "absolute" for the sole purpose of obtaining a pre-auction bid which is sufficient to meet or exceed the actual reserve of the seller, with the intention of either converting to a reserve auction or canceling the sale if the strategy is unsuccessful, is strictly prohibited and may be grounds for disciplinary action against the licensee.

(8) Estate Auction: An auction in which all the property advertised and sold is the property of a specified deceased person or the property of a specified living person's estate.

(9) Personal Auction: Any person selling his or her own goods at public or online auction.

(10) Single Day Auction: A singular auction event for a fee held by a company licensed in accordance with another state's law conducted by an auctioneer licensed in accordance with another state's laws.

Ala. Admin. Code r. 150-X-1-.01

New Rule: Filed July 12, 1995; effective August 16, 1995. Amended: Filed January 18, 2002; effective February 22, 2002. Amended: Filed January 29, 2003; effective March 5, 2003. Amended: Filed October 4, 2013; effective November 8, 2013.

Amended by Alabama Administrative Monthly Volume XXXVII, Issue No. 09, June 28,2019, eff. 8/3/2019.

Amended by Alabama Administrative Monthly Volume XL, Issue No. 05, February 28, 2022, eff. 4/14/2022.

Author: J. O. Blandenburg

Statutory Authority:Code of Ala. 1975, § 34-4-4.