Learn Auctioneer! (Continued from Page 74) •CAI - Certified Auctioneers Institute. The professional designation awarded to practicing auctioneers who meet the experiential, educa tional 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 (real estate) which is intended to produce income (either by sale or rent) but has not yet done so, i.e., insurance, taxes, maintenance, management. •CATALOG BROCHURE - A publication advertising and describ ing the items and/or 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, unless protected by warranty. •CLERK • The person employed by the principal auctioneer or auc tion 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 manip ulate 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 auc tion. 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 enti ties 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 1515 Kepner Hill Road, Muncy, PA 17756 (570) 546-6907 PA Lie. #RY 71L FRALEY AUCTION CO. Established in 1950, now in the 2nd & 3rd generation, We are one of the oldest Full Time Family owned & operated Auction Co’s in Pa. We sell livestock, farm machinery, estates, Antiques, real estate, just about anything. We conduct the largest bi annual farm machinery consignment sale in NE & Central Pa. Selling 1500 to 2000 pieces and 3000 to 4000 people attending. We also have monthly dairy cattle auc tions at our new modem dairy complex. We have everything to conduct an auction from A to Z, Computerized clerking sys tem, tents, dairy platform, portable office trailer, auction topper truck cap, power washers, lunch stands, toilets, etc. ng Termi terms and conditions lor that auction. The broker is {laid 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 de sired 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. •GRADUATE, PERSONAL PROPERTY APPRAISER (GPPA)- The professional designation awarded by the Auction Marketing Insti tute to qualified property appraisers who meet the educational and ex periential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. •GROUNDSMAN - Also called bid assistants. •HAMMER PRICE- Price established by the last bidder and ac knowledged by the auctioneer before dropping the hammer or gavel. •LISTING BROKER - A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auc tion agreement to supersede his/her listing agreement. •MARKET VALUE - Refers to real estate to be sold. 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 Ac knowledgment,” or ‘Broker Acknowledgment,” the memorandum is signed by those parties either on the auction floor or in the contract room. UniqueS Sc Antiques 142 Conchester Hwy (Rl 322) Aston PA 19014 (610) 485-7400 www.UNIQUES3ndANTIQUES.com Auctions Every other Tuesday 4:00 PM Selling 11,000 square feet of Antiques, Modem Design, Collectibles, Estates. Full appraisal, estate liquidation & cleanout services Over 1500 items every auction Check our website for current schedule and hundreds of pictures! Easy Access from 1-95, Blue Route, Comm Barry Bridge nology Pa Lie # AH64L
Significant historical Pennsylvania newspapers