auction vocal

Question 1

An item or group of items going up for sale

Answer 1

lot

Question 2

Go up for auction; refers to auctioneer’s podium and the next item or items up for bid

Answer 2

go on the block

Question 3

Auctioned item is sold with all damage, faults, or imperfections

Answer 3

as is

Question 4

Confidential minimum price agreed on between the seller and auctioneer

Answer 4

reserve

Question 5

The amount by which bids increase

Answer 5

Bid increment

Question 6

If the auction type permits, a method of bidding while not actually present at the auction

Answer 6

Absentee bid

Question 7

A single bid for an entire lot or several items at once

Answer 7

One money

Question 8

A single bid that’s the price to be paid for each of several items in a lot; winning bidder can choose as many items in the lot as desired; remaining items go up for bid again

Answer 8

Times the money or your choice

Question 9

The amount of the final, successful bid, signaled by a bang of the auctioneer’s gavel

Answer 9

Hammer price

Question 10

A historical term for a fraudulent bidder who “bids” to raise prices and cheat buyers

Answer 10

Peter Funk

Question 11

A history of ownership and conveyance that drives up the price of an auctioned item

Answer 11

Provenance

Question 12

The rapid speech pattern of an auctioneer during the auction; includes the statement (“I’m bid 10 dollars”), the suggestion (“10 dollars, 20 dollars”), and the question (“Do I hear 30?”)

Answer 12

auction chant

Question 14

Sometimes called the ringman, these assistants watch the crowd to be sure all bids are noticed and conveyed to auctioneer

Answer 14

bid catcher

Question 15

A fake bid in which the auctioneer rapidly points to some imaginary bidder in an attempt to get the bidding going

Answer 15

Chandelier or rafter bid

Question 16

Auctioneer’s call or warning that final bids should be made

Answer 16

Fair warning

Question 17

the tenant pays a base rent plus a percentage of the business’s gross sales

Answer 17

percentage lease

Question 18

the payment amount increases from one period to the next throughout the lease term

Answer 18

graduated lease

Question 19

what are the Three Valuation Approaches

Answer 19

Sales comparison approach
Cost approach
Income approach

Question 20

occurs when the property is damaged or normal wear and tear has occurred.

Answer 20

Physical depreciation

Question 21

occurs when it was designed poorly or the design is outdated—there may be old wiring or plumbing, or it was over-built for the area and use.

Answer 21

Functional obsolescence

Question 22

can’t be fixed, occurs because of something that happened outside of the property itself—perhaps a runway or factory were put in next door or the zoning changed—which would impact property values.

Answer 22

External depreciation also known as external or economic obsolescence

Question 23

This gives a buyer information to determine if a property’s rate of return will be as expected.

Answer 23

Investment value

Question 24

The value of the property as a functioning business.

Answer 24

Going-concern value:

Question 25

The amount it would cost to replace or rebuild a house that’s damaged or destroyed.

Answer 25

Insured value

Question 26

A structure that’s at the end of its useful life may be demolished, but some value can be realized if the improvements are sold.

Answer 26

Salvage value

Question 27

If a property is subject to foreclosure or a rapid sale, liquidation value comes into play. When properties are sold this way, it can affect the value of other homes in the neighborhood.

Answer 27

Liquidation value

Question 28

This is what the local taxing authority thinks a property is worth.

Question 29

The value of a property as it’s currently being used, which may or may not be its highest and best use.

Answer 29

Value in use

Question 30

is the time period when the property is being developed.

Answer 30

Integration

Question 31

the period of stable use.

Answer 31

Equilibrium

Question 32

is the time when the property is deteriorating and needs constant upkeep to maintain its viability.

Answer 32

Disintegration

Question 33

is when the property is redeveloped with new improvements and often with a different use. This is also known as revitalization.

Answer 33

Rejuvenation

Question 34

loans for people with low incomes and poor credit histories and often included adjustable rate mortgages with low initial interest rates that later increased.

Answer 34

subprime loans

Question 35

refers to the increase or decrease in land value that occurs when several parcels are combined into one large plot

Answer 35

plottage

Question 36

is the process of combining separate adjacent parcels into one piece.

Answer 36

assemblage