                                 CODE OF VIRGINIA

DEFINITIONS (§ 54.1-600)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Absolute auction&#8221; means an auction where at the time of the
auction sale the real or personal property to be sold will pass to the highest
bidder regardless of the amount of the highest and last bid.
		&#8220;Auction&#8221; means the sale of goods or real estate by means of
exchanges between an auctioneer and members of his audience, the exchanges
consisting of a series of invitations for offers made by the auctioneer, offers
made by members of the audience, and acceptance by the auctioneer of the highest
or most favorable offer.
		&#8220;Auction firm&#8221; means any corporation, partnership or entity,
except a sole proprietorship, performing any of the acts of an auctioneer as
defined in this section.
		&#8220;Auctioneer&#8221; means any person who conducts or offers to conduct an
auction.
		&#8220;Board&#8221; means the Auctioneers Board.
		&#8220;Director&#8221; means the Director of the Department of Professional
and Occupational Regulation.
		&#8220;Goods&#8221; means any chattels, merchandise, real or personal
property, or commodities of any form or type which may be lawfully kept or
offered for sale.
		&#8220;Person&#8221; means any natural person, association, partnership, or
corporation, and the officers, directors, and employees of a corporation.
		&#8220;Virginia licensed auctioneer&#8221; means any auctioneer who meets the
requirements for licensure as prescribed by the Board.

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