New Hampshire Code of Administrative Rules
Auc - State Board of Auctioneers
Chapter Auc 100 - DEFINITIONS, ORGANIZATION AND PUBLIC INFORMATION
Part Auc 102 - DEFINITIONS
Section Auc 102.01 - Terms Used

Universal Citation: NH Admin Rules Auc 102.01

Current through Register No. 40, October 3, 2024

As used in these rules, the following terms shall have the meanings indicated:

(a) "Absolute auction" means an auction without reserve:

(1) In which the property offered for sale is sold to the highest bidder;

(2) Where no minimum price will limit the bid;

(3) Where the seller does not withdraw the property from the auction after the first bid has been made by a registered bidder and accepted by the auctioneer; and

(4) Where the seller does not participate in the sale by bidding himself or through an agent, regardless of sales price;

(b) "Apprentice auctioneer" means an individual who serves under the direction of a supervising auctioneer as described in Auc 302.01;

(c) "Auction" means the sale of real or personal property, or both, in which the sale price of the property offered is increased by competitive bids until the highest accepted bidder becomes the purchaser;

(d) "Auctioneer'' means a person who engages in, or who by advertising or otherwise holds himself or herself out as being available to engage in, the solicitation or the acceptance of competitive bids for the purchase of real or personal property, or both, at auction, or otherwise engages in auctioneering;

(e) "Auctioneering'' means the business or act of selling for another real, personal, or mixed property by auction for compensation by fee, commission, or other exchange of value;

(f) "Authorized business organization'' means any entity organized for gain or profit and carrying on any business activity within the state of New Hampshire which is:

(1) A corporation or business association having at least one officer holding a valid license issued by the board;

(2) A partnership in which at least one partner holds a valid license issued by the board;

(3) A limited liability company in which the managing member holds a valid license issued by the board;

(4) A sole proprietorship or sole-shareholder corporation in which the sole proprietor or sole shareholder holds a valid license issued by the board; or

(5) A trust in which at least one trustee holds a valid license issued by the board;

(g) "Bid caller" means a licensed auctioneer or apprentice who publicly solicits bids for the property by public outcry;

(h) "Board" means the New Hampshire board of auctioneers established under RSA 311-B:2. The term includes "the agency" unless another meaning is clearly indicated from context;

(i) "Resident" means any person who resides in the state of New Hampshire upon filing an application;

(j) "Responsible auctioneer" means the New Hampshire licensee whose name and license number appear in all advertising and who is completely responsible for the conduct of the auction and for proper accounting and payment to all consignors;

(k) "Supervising auctioneer" means the responsible auctioneer who has taken the additional responsibility of supervising an apprentice auctioneer;

(l) "Tentative decision" means a board action which instructs the board's staff or a board committee to prepare a draft document which satisfies generally stated policy objectives, subject to subsequent review and approval by the board;

(m) "The falling of the hammer" means the time between the acknowledgement of the last bid and the time the item is proclaimed sold;

(n) "Unprofessional conduct" means any action by a licensee, institution, or organization which is unlawful.

#1993, eff 3-31-82; ss by #2706, eff 5-10-84; ss by #4093, eff 7-21-86; EXPIRED 7-21-92

New. #5441, eff 7-27-92; ss by #6657, eff 1-1-98

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