CODE OF VIRGINIA

DEFINITIONS (§ 54.1-600)

As used in this chapter, unless the context requires a different
meaning:”Absolute auction” 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.”Auction” 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.”Auction firm” means any corporation,
partnership or entity, except a sole proprietorship, performing any of the acts
of an auctioneer as defined in this 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 and Occupational Regulation.”Goods” means
any chattels, merchandise, real or personal property, or commodities of any form
or type which may be lawfully kept or offered for sale.”Person”
means any natural person, association, partnership, or corporation, and the
officers, directors, and employees of a corporation.”Virginia licensed
auctioneer” 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.