21 NCAC 04B .0103. DEFINITIONS

Whenever used in this Chapter:

(1)           "Auctioneers Law" or "licensing law" shall refer to G.S. 85B;

(2)           "Buyer's Premium" shall mean any additional charge owed by a buyer to the auctioneer, auction firm, or directly to the seller above and beyond the highest accepted bid amount;

(3)           "Board" shall mean the North Carolina Auctioneers Commission;

(4)           "Minimum Bid" as used in auctions shall mean minimum opening bids;

(5)           "Principal(s)" as it pertains to auction firms shall mean director(s), officer(s) and partner(s);

(6)           "Non-Auction Firm Business" shall mean a sole licensed auctioneer whose business is not defined as an "Auction Firm" as set forth in G.S. 85B-1(6);

(7)           "Auction house," "auction barn," or "auction gallery" shall mean an auction business that conducts auctions at a single location and where consignments are brought to the location by either the auctioneer/auction firm or the public to be sold at auction.

 

History Note:        Authority G.S. 85B-1; 85B-3.1; 85B-4;

Eff. November 1, 1984;

Amended Eff. May 1, 2006; April 1, 2001; April 1, 1996; January 1, 1995.