54.1-600 - Definitions. - Virginia Statutes

§ 54.1-600. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Absolute auction" means an auction where at the time of the auction salethe real or personal property to be sold will pass to the highest bidderregardless of the amount of the highest and last bid.

"Auction" means the sale of goods or real estate by means of exchangesbetween an auctioneer and members of his audience, the exchanges consistingof a series of invitations for offers made by the auctioneer, offers made bymembers of the audience, and acceptance by the auctioneer of the highest ormost favorable offer.

"Auction firm" means any corporation, partnership or entity, except a soleproprietorship, performing any of the acts of an auctioneer as defined inthis section.

"Auctioneer" means any person who conducts or offers to conduct an auction.

"Board" means the Auctioneers Board.

"Director" means the Director of the Department of Professional andOccupational Regulation.

"Goods" means any chattels, merchandise, real or personal property, orcommodities of any form or type which may be lawfully kept or offered forsale.

"Person" means any natural person, association, partnership, orcorporation, and the officers, directors, and employees of a corporation.

"Virginia licensed auctioneer" means any auctioneer who meets therequirements for licensure as prescribed by the Board.

(1982, c. 538, § 54-824.2; 1983, c. 522; 1986, c. 61; 1988, c. 765; 1991, c.299; 2003, c. 367.)