<p>&nbsp;</p>
<h2 style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif;">Frequently Asked Questions</h2>
<h2 style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif;">&nbsp;</h2>
<p style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px; orphans: 2; widows: 2;">READ FREQUENTLY ASKED QUESTIONS 1ST PLEASE THEN IF YOU NEED TO TALK TO OUR CUSTOMER SUPPORT TEAM CLICK THE LINK HERE AND WE WILL BE HAPPY TO ANSWER QUESTIONS CONCERNING FRANCHISE AVAILABILITY IN YOUR AREA CODE!</p>
<p><a href="http://www.ringcentral.com/" target="Callback_RingMe" style="color: rgb(0, 51, 102); font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><img alt="virtual office phone" border="0" src="http://www.pickernews.com/faq/ringme_15.gif" /></a></p>
<p style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px; orphans: 2; widows: 2;"><span class="style_bold" style="font-weight: bold;">Q: [HOW DOES A OUTLET WITH PICKER NEWS WORK? WHAT IS A SUBSCRIPTION FOR?]</span><br />
A: [The Subscription is simply a pay as you earn plan , Our Toll Free Number automaticly forwards all calls to you from your OUTLET- *AREA CODE*. We at Picker News, DO NOT want anyone to purchase a OUTLET if it's not something they can MAKE it work/Earn for themselves. Our Support Team is 100% Commited to our OUTLET's Success as it's a reflection of our Core Belief and Motto &quot;Share The Wealth&quot; ]</p>
<hr style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px; width: 381px; orphans: 2; widows: 2;" />
<p style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px; orphans: 2; widows: 2;"><span class="style_bold" style="font-weight: bold;">Q: [Can I Cancle at any time if Its Not All You Claim It to be?]</span><br />
A: [ABSOLUTELY ! This is what the Subscriptions are intended to be! We want Outlet Owner to cancel and Eventually BUY OUT the LOCAL AREA CODE and Buy Even more! However, should this business not be All We Claim and you simply want out of subscription, it's a done deal! **WE have 3 levels of subscription and each has a PAY OFF price intended for your Ownership**. The levels however do offer a pay to own or just try it out levels intended to keep available Outlets open for online auction bids. 100% Ownership Prices are Straight Up and Always Available, however some folks may wish to Prove its Value prior to purchase or simply NEED payments.]</p>
<p style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px; orphans: 2; widows: 2;"><strong>Q:[What do you mean by keep Outlet Available for Online Auctions?]</strong></p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><strong>A:[Ebay and other online auctions are our format to offer these opportunities, Until full payment of Lease to Own Subscription is used We Own All Rights to Our Area Codes **OUTLETS are Area Code Based** Available Our #1 Sales come from word of mouth and mostly from the 100% +Positive+Feed Backs we have EARNED on Ebay and other Online sources as well as Family and Friends of our customers We have picked and have Paid Cash to. These New Picker News Friends often talk and refer our services ! *Finest Kind* of Advertising ! ]</strong></p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><strong>Q:[DO I NEED TO HAVE A BACKGROUND SCREENING TO BE EMPLOYED /OR BE A Outlet Owner?]</strong></p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><strong>A:[ABSOLUTLY YES . *However we are not interested in your credit history*</strong></p>
<h3 class="auto-style14" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif;">Our No Malarkey Promise</h3>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><strong>Requires a Criminal background Screening we use<a href="http://www.dpbolvw.net/click-6435477-10651295" target="_top" style="color: rgb(0, 51, 102);"><img alt="" border="0" height="80" src="http://www.pickernews.com/faq/image-6435477-10651295.jpg" width="110" /></a>&nbsp;Everyone is required to jump thru this hoop of fire for Obvious reasons our Clients Need this peace of mind.</strong></p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><strong>&nbsp;In Addition require employees to pass a Client Respect course which is common sense and there is good information on how to Approach Clients and begin a Positive relationship of Respect and Trust, How to handle other peoples property and *PICK* with Respect and Professionalism, How to Work The *ART OF THE DEAL* Oddly requires More listening Less talking w/Simple Direct Replies to Questions.*Highly Effective Techniques* WE FEEL THE RESPECT OF ANTIQUES ROAD SHOW AND AMERICAN PICKERS TELEVISION PROGRAMS RUBS OFF AND NEGOTIATION SKILLS OF SUCH PROGRAMS CAN BE APPERICIATED YET...OUR METHODS ARE INSTRINCLY DIFFRENT! WE ARE PAID BUY PERCENTAGE THUS 100% DIFFRENT BALL GAME! SIMILAR TO THE TRADE ASSISTENCE PROGRAM OF EBAY, YET AGAIN OUR IRON CLAD RULE OF 20% OF PROFIT IS UNIQUE TO PICKER NEWS AND OUR MOTTO &quot;SHARE THE WEALTH&quot; IS THE WIN/WIN CRUX OF TRUST, HONOR, FAIR TRADE. SIMPLY A PERFECT BUSINESS MODEL!</strong></p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><strong>ALL OWNERS AND EMPLOYEES MUST SUBMIT TO THIS FOR PICKER NEWS INVOLVMENT OF ANY KIND SORRY IF THIS IS NOT CONVIENT OR TO YOUR ADVANTAGE.</strong></p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;"><a href="http://www.tkqlhce.com/click-6435477-10640009" target="_top" style="color: rgb(0, 51, 102);"><img alt="" border="0" height="150" src="http://www.pickernews.com/faq/image-6435477-10640009.jpg" width="150" /></a>&nbsp;</p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;">Q:[What if I never Picked Professionally? Will I Get training?]</p>
<p class="auto-style7" style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px;">A:[Training is Endless! Ask any PRO. there's always more to learn and Research Methods Change Often as technology is Improving, Yet The GoTo Guys &amp; Gals in the Biz are as diversified as the Catagories each with Their Own Lingo and Expertise. In This Business there's the Usual Mumbo Jumbo and Strick Rules of ethical Practices Known as the Code of Ethics**See Article Below**.]</p>
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<p>&nbsp;</p>
<ul style="font-family: 'Trebuchet MS', Arial, Helvetica, sans-serif; font-size: 13px; orphans: 2; widows: 2;">
    <li>
    <p class="auto-style16" style="font-weight: bold; color: rgb(0, 0, 255);">About NETXLNT/PICKER NEWS - Affiliate Organizations<o:p></o:p></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The auction industry is exceptionally diverse, and professional Auctioneers provide clients with professional auction services to many clients and industries. The PICKER NEWS/ NETXLNT works with numerous organizations that partner with professional Auctioneers and work together to promote the use of auctions and PICKER NEWS/ NETXLNT Auctioneers.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">AUCTION ORGANIZATIONS AND INSTITUTIONS<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.naaauxiliary.org/" title="Visit National Auctioneers Association Auxiliary" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">National Auctioneers Association Auxiliary</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.auctioneersfoundation.org/" title="Visit National Auctioneers Foundation" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">National Auctioneers Foundation</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">AFFILIATE ORGANIZATIONS<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.abi.org/" title="Visit American Bankruptcy Institute" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">American Bankruptcy Institute</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.appraisers.org/" title="Visit American Society of Appraisers" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">American Society of Appraisers</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.lmaweb.com/" title="Visit Livestock Marketing Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Livestock Marketing Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.nabt.com/" title="Visit National Association of Bankruptcy Trustees" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">National Association of Bankruptcy Trustees</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.realtor.org/" title="Visit National Association of Realtors" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">National Association of Realtors</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.naaa.com/" title="Visit National Auto Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">National Auto Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.appraisalfoundation.org/" title="Visit The Appraisal Foundation" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">The Appraisal Foundation</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">STATE AUCTIONEER ASSOCIATIONS<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.alauctioneers.org/" title="Visit Alabama Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Alabama Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:debbie.mullins22@yahoo.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">debbie.mullins22@yahoo.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.azauctioneers.org/" title="Visit Arizona State Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Arizona State Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:info@azauctioneers.org" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">info@azauctioneers.org</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.arkansasauctioneers.org/" title="Visit Arkansas Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Arkansas Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:director@arkansasauctioneers.org" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">director@arkansasauctioneers.org</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.mdauctioneers.org/" title="Visit Auctioneers Association of Maryland" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Auctioneers Association of Maryland</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:aami9801@aol.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">aami9801@aol.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.northcarolinaauctioneers.org/" title="Visit Auctioneers Association of North Carolina" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Auctioneers Association of North Carolina</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:elaine@execman.net" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">elaine@execman.net</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.caauctioneers.org/" title="Visit California State Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">California State Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:info@caauctioneers.org" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">info@caauctioneers.org</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.coauctioneers.org/" title="Visit Colorado Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Colorado Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:coaa@att.net" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">coaa@att.net</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.floridaauctioneers.org/" title="Visit Florida Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Florida Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:association@floridaauctioneers.org" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">association@floridaauctioneers.org</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.georgiaauctioneers.org/" title="Visit Georgia Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Georgia Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:info@georgiaauctioneers.org" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">info@georgiaauctioneers.org</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.idahoauctioneers.org/" title="Visit Idaho Association of Professional Auctioneers" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Idaho Association of Professional Auctioneers</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:katherine@primetimeauctions.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">katherine@primetimeauctions.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.illinoisauctioneers.org/" title="Visit Illinois State Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Illinois State Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
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    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.sdaa.net/" title="Visit South Dakota Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">South Dakota Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:luck@venturecomm.net" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">luck@venturecomm.net</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.tnauctioneers.com/" title="Visit Tennessee Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Tennessee Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:elaine@execman.net" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">elaine@execman.net</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.texasauctioneers.org/" title="Visit Texas Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Texas Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:taa.execdir@gmail.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">taa.execdir@gmail.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.utahauctioneer.org/" title="Visit Utah Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Utah Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:snoron@msn.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">snoron@msn.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.vaa.org/" title="Visit Virginia Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Virginia Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:vaauctioneers@vaa.org" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">vaauctioneers@vaa.org</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.washingtonauctioneers.org/" title="Visit Washington Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Washington Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:taryn@maurergroup.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">taryn@maurergroup.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.wvaa.org/" title="Visit West Virginia Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">West Virginia Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:wvauctioneersassoc@gmail.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">wvauctioneersassoc@gmail.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.wisconsinauctioneers.org/" title="Visit Wisconsin Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Wisconsin Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:wiauctioneers@centurylink.net" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">wiauctioneers@centurylink.net</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><a href="http://www.wyoauctioneers.org/" title="Visit Wyoming Auctioneers Association" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">Wyoming Auctioneers Association</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">&nbsp;<br />
    </span><a href="mailto:bigironguy@gmail.com" style="color: rgb(0, 51, 102);"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(32, 54, 118); font-family: Arial, sans-serif; font-size: 9pt;">bigironguy@gmail.com</span></b></a><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></p>
    <p class="MsoNormal"><o:p></o:p></p>
    <p class="MsoNormal">&nbsp;</p>
    <p class="MsoNormal"><a name="A" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">A<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Absentee Bid<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Absentee Bidder<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A person (or entity) that is not present at the auction but submits, in advance, a written or oral bid that is the top price they will pay for a given asset.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Absolute Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an &ldquo;auction without reserve.&rdquo;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Accounting of Sale<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A report issued to the seller by the auctioneer or auction company detailing the financial aspects of the auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Accredited Auctioneer Real Estate (AARE)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The professional designation awarded by the NAA Education Institute to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. In order to be designated with the AARE, auctioneer-scholars are required to complete 42 classroom hours, a detailed written auction summary report, proof of at least 10 real estate auctions, and 24 hours of continuing education every three years.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Agent<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A person who acts on behalf of another individual or entity.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">America Bankruptcy Institute (ABI)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The American Bankruptcy Institute is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency.&nbsp;<span style="padding: 0in; border: 1pt windowtext;">ABI</span>&nbsp;was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">America Society of Appraisers (ASA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The American Society of Appraisers is an international organization of appraisal professionals and others interested in the appraisal profession. ASA is the oldest and only major appraisal organization representing all of the disciplines of appraisal specialists.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Appraisal<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The act or process of estimating value.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Appraisal Foundation, The<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A not-for-profit organization dedicated to the advancement of professional valuation, established by the appraisal profession in the U.S. in 1987. Since its inception, the Foundation has worked to foster professionalism in appraising. It is authorized by Congress as the source of appraisal standards and appraiser qualifications.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Apprentice Auctioneer<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">As Is<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as &quot;As Is, Where Is&quot; and &quot;In its Present Condition.&quot;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A method of selling property in a public forum through open and competitive bidding. Also known as &ldquo;public auction&rdquo; or &ldquo;auction sale.&rdquo;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Block<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The podium or raised platform where the auctioneer stands while conducting the auction. &quot;Placing (an item) on the auction block&quot; means to sell something at auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Listing Agreement<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Marketer<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An individual who contracts with sellers for the auction method of marketing property. In the case of real property, the individual may not actually conduct the sale but is directly responsible for all aspects of marketing the property.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Marketing<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The method of marketing assets utilizing the auction method of sale.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Plan<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The plan for pre-auction, auction-day and post-auction activities.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Price<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The price of a property obtained through the auction method of marketing.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Subject to Confirmation<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">(See &quot;Reserve Auction&quot;)<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Technology Specialist (ATS)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A professional designation awarded by the NAA Education Institute to help professional auctioneers understand today's technology and how to use it to improve their business. ATS auctioneers gain experience in conducting live and online static auctions. In order to be designated with the ATS, auctioneer-scholars are required to complete 21 classroom hours, proof of at least three online auctions and 24 hours of continuing education every three years.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Value<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The price that a particular property brings via competitive bidding at public auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction With Reserve<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auction Without Reserve<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">(See &quot;Absolute Auction&quot;)<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auctioneer<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or &ldquo;cry&rdquo; the auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Auctioneer Subcontractor<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auctioneer hired by the principal auctioneer. Also known as a &ldquo;Contract Auctioneer.&rdquo;<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="B" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">B<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Ballroom Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auction of one or more properties conducted in a meeting room facility.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bank Letter of Credit<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Benefit Auction Specialist (BAS)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A professional designation awarded by the NAA Education Institute designed to teach professional auctioneers the planning techniques that create successful benefit auctions. BAS auctioneers learn marketing skills and create a business strategy to build their clientele and profits. In order to be designated with the BAS, auctioneer-scholars are required to complete 21 classroom hours, a detailed written auction summary report, proof of at least six benefit auctions and 24 hours of continuing education every three years.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bid<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A prospective buyer's indication or offer of a price they are willing to pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bid Acknowledgment<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A form executed by the high bidder confirming and acknowledging the bidder's identity, the bid price and the description of the property. Also known as &quot;Memorandum.&quot;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bid Assistants<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Individuals of a live auction team whose primary responsibility is to accurately interpret and effectively communicate buyer participation to their auctioneer. They should also be qualified to assist prospective bidders with the necessary information to make a better informed buying decision. Also known as &ldquo;ringmen&rdquo;, &ldquo;bid spotters&rdquo; or &ldquo;groundsmen.&rdquo;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bid Caller<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The person who actually &quot;calls,&quot; &quot;cries&rdquo; or &quot;auctions&quot; the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bid Rigging<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value. See &ldquo;Collusion&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bidder Number<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The number issued to each person who registers at an auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bidder Package<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The package of information and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at an auction. Also referred to as &ldquo;bidder packet&rdquo; or &ldquo;due diligence packet.&rdquo;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bidder's Choice<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A method of sale whereby the successful high bidder wins the right to choose an asset or assets from a grouping of similar or like-kind assets. After the high bidder's selection, the asset is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing an asset, which is then deleted from the group and so on, until all assets are sold. Also known as &ldquo;Buyer&rsquo;s Choice.&rdquo;<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Bookkeeper or Clerk<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The individual responsible for the accounting and paperwork at an auction sale.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Broker Participation<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the owner of the property or the auction firm.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Buyer's Broker<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A real estate broker who represents the buyer and, as the agent of the buyer, is normally paid for his/her services by the buyer.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Buyer's Premium<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="C" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">C<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Caravan Auctions<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A series of on-site auctions advertised through a common promotional campaign.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Carrying Charges<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The costs involved in holding a property that is intended to produce income (either by sale or rent) but has not yet done so, i.e., insurance, taxes, maintenance, management. Also known as &ldquo;holding costs&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Catalog or Brochure<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A publication advertising and describing the property(ies) available for sale at public auction, often including photographs, property descriptions and the terms and conditions of the sale.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Caveat Emptor<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A Latin term meaning &quot;let the buyer beware.&quot; A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Certified Auctioneers Institute (CAI)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The professional designation awarded to practicing auctioneers who meet the experiential, educational and ethical standards set by the NAA Education Institute. In order to be granted the CAI designation, auctioneer scholars must have been practicing full-time auctioneers for at least two year (prior to attending the institute), attend all three years of CAI with more than 120 classroom hours, complete all special projects and complete 24 hours of continuing education every three years.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Certified Estate Specialist (CES)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A professional designation awarded by the NAA Education Institute to help professional auctioneers understand how to properly conduct and deal with the settling of estates. The course also educates professional auctioneers on working with family members and dealing with lawyers and accountants. In order to be designated with the CES, auctioneer-scholars are required to complete 21 classroom hours and complete 24 hours of continuing education every three years.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Clerk<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An individual employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Collusion<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Commission<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Conditions of Sale<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction. Also known as &ldquo;Terms &amp; Conditions&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Conference and Show (C&amp;S)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Annual conference and exposition of the National Auctioneers Association. Also known as &ldquo;International Auctioneers Conference &amp; Show&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Continuing Education Units (CE's or CEU)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A measure used in continuing education programs, particularly those required in a licensed profession in order for the professional to maintain the license.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Contract<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An agreement between two or more persons or entities which creates or modifies a legal relationship.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Cooperating Broker<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A real estate broker who registers a prospective buyer with the auction company, in accordance with the terms and conditions for that auction. The broker is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a &ldquo;participating broker&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Critical Path<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Sequence of key tasks to be done by auction contractor or other designated parties on specified dates, leading to desired goals.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="D" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">D<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Dual Agency<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The representation of opposing principals (buyers and seller) at the same time.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Due Diligence<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The process of gathering information about the condition and legal status of assets to be sold.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="E" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">E<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Education Institute (EI)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">NAA members are selected by the NAA Board of Directors to be Trustees of the Education Institute and carry out the association&rsquo;s mission of continuing education to NAA members.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Estate Sale<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="F" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">F<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Federal Deposit Insurance Corporation (FDIC)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Federal Home Loan Banks (FHLB)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the U.S. and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Federal Housing Administration (FHA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the U.S. and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="G" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">G<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Graduate Personal Property Appraiser (GPPA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The professional designation awarded by the NAA Education Institute to qualified property appraisers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. In order to be designated with the GPPA, auctioneer-scholars are required to complete 35 classroom hours, a detailed written appraisal report and proof of at least two affidavits of appraisals. This designation also requires 24 hours of continuing education every three years.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="H" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">H<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Hammer Price<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Price established by the highest bidder and acknowledged by the auctioneer before dropping the hammer or gavel.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="I" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">I<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Intellectual Property (IP)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">IP is a term referring to a number of distinct types of legal monopolies over creations of the mind, both artistic and commercial, and the corresponding fields of law. Under IP law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; words, phrases, symbols and designs.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">International Auctioneer Champion (IAC)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Annual contest hosted by the National Auctioneers Association at its Conference &amp; Show for bid-calling auctioneers. Each year, one female and one male auctioneer is declared the winner of the IAC.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">International Society of Appraisers (ISA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The ISA is a not-for-profit, member-driven association formed to support ISA member needs and serve the public by producing highly qualified and ethical appraisers who are recognized authorities in professional personal property appraising.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="L" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">L<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Listing Agreement<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">See &ldquo;Auction Listing Agreement&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Listing Broker<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede their listing agreement.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Livestock Marketing Association (LMA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The LMA is an association committed to the support and protection of the local livestock auction markets and the livestock marketing industry.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="M" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">M<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Market Value<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The highest price that a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Master Personal Property Appraiser (MPPA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A professional designation awarded by the NAA Education Institute to help professional auctioneers learn the responsibilities of appraising assets. Designees are taught to conduct a complete and appropriate appraisal, as well as taught to know the various factors that affect the value of appraised items. MPPA designees specialize in one or more of the following areas: antiques &amp; estates, plant machinery &amp; equipment, construction &amp; agricultural equipment or small business valuation. In order to be granted an MPPA designation, the auctioneer must already be credentialed with the GPPA.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Memorandum<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Also referred to as a &quot;Bidder Acknowledgment,&quot; or &quot;Broker Acknowledgment,&quot; the memorandum is signed by those parties either on the auction floor or in the contract room.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Memorandum<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Also referred to as a &quot;Bidder Acknowledgment,&quot; or &quot;Broker Acknowledgment,&quot; the memorandum is signed by those parties either on the auction floor or in the contract room.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Minimum Bid Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Multi-Property Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Multi-Seller Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Properties owned by multiple sellers, offered through a common promotional campaign and auctioned in a single event.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Multiple Listing Services (MLS)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The MLS is a suite of services that enables brokers to establish contractual offers of compensation (among brokers); facilitates cooperation with other broker participants; accumulates and disseminates information to enable appraisals; and is a facility for the orderly correlation and dissemination of property listing information to better serve broker's clients, customers and the public.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="N" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">N<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">National Association of Realtors (NAR)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The core purpose of the NAR is to help its members become more profitable and successful.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">National Auctioneers Association (NAA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">National Auto Auctioneers Association (NAAA)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Founded in 1948, the National Auto Auction Association represents more than 317 auto auction companies, both domestic and international, with more than 8.9 million units sold each year.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">No-Sale Fee<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A charge paid by the owner of property offered at a reserve auction when the property does not sell.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">No-Sale Fee<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A charge paid by the owner of property offered at a reserve auction when the property does not sell.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="O" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">O<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">On-Site Auction<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">An auction conducted on the premises of the property being sold.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Opening Bid<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The first bid offered by a bidder at an auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Other Real Estate Owned (OREO)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Real property owned by a banking institution that is not directly related to its business. In balance sheet terms, OREO assets are considered non-earning assets for purposes of regulatory accounting. OREO is most frequently a result of foreclosure on real property as a result of default by the borrower who used the property as collateral for the loan. Most items in this category are available for sale.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="P" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">P<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Participating Broker<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">See &ldquo;Cooperating Broker&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Preview<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Specified date and time property is available for prospective buyer viewing and audits. Also known as &ldquo;Open House&rdquo; or &ldquo;Inspection&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="R" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">R<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Real Estate (RE)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Real estate, also known as&nbsp;<i><span style="padding: 0in; border: 1pt windowtext;">real property</span></i>, is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location -- immovable.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Real Estate Owned (REO)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. As soon as the bank repossesses the property, it is listed on their books as REO and is categorized as an asset (non-performing).<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Referring Broker<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A real estate broker who does not have a listing on a property but refers the auction company to a potential seller for an auction. Usually earns a flat fee commission for referring product to an auction company.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Regroup<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected by other bidders, thereby creating one larger parcel out of several smaller parcels. This process is often used in conjunction with bidder's choice.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Reserve<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as &ldquo;reserve price&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="S" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">S<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Sale Manager<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The person designated by the auction company who is responsible for organizing the details of an auction. Also known as &ldquo;project manager&rdquo;.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Sealed Bid<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A method of sale where by confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive marketplace.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Seller<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Entity that has legal possession (ownership) of any interests, benefits or rights inherent to the real or personal property.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Subject to Confirmation<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">See &quot;Reserve Auction&quot;<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="T" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">T<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Tax Sale<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Public sale of property at auction by governmental authority due to nonpayment of property taxes.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Terms and Conditions<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The printed rules of the auction and certain aspects of the Purchase &amp; Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Tie Bids<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">When two or more bidders bid exactly the same amount at the same time. This must be resolved by the auctioneer.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Trustee's Sale<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A sale at auction by a trustee.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="U" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><u><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">U<o:p></o:p></span></u></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Uniform Commerical Code (UCC)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The UCC, first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all U.S. states.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Uniform Standards of Professional Appraisal Practice (USPAP)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">USPAP can be considered the quality control standards applicable for real property, personal property, intangibles and business valuation appraisal analysis and reports in the U.S. and its territories. USPAP was first developed in the 1980s by a joint committee representing the major U.S. and Canadian appraisal organizations.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">US Bureau of Alcohol, Tobacco, and Firearms (ATF)<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A unique law enforcement agency of the U.S. Department of Justice that protects our communities from violent criminals, criminal organizations, the illegal use and trafficking of firearms, the illegal use and storage of explosives, acts of arson and bombings, acts of terrorism, and the illegal diversion of alcohol and tobacco products.<o:p></o:p></span></p>
    <p class="MsoNormal"><a name="W" style="color: rgb(0, 51, 102); text-decoration: underline;"><b><span style="padding: 0in; border: 1pt windowtext; color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt; background-color: rgb(206, 205, 205);">W<o:p></o:p></span></b></a></p>
    <p class="MsoNormal"><b><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Withdrawl<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Failure to reach the reserve price or insufficient bidding.<o:p></o:p></span></p>
    <p class="MsoNormal"><o:p></o:p></p>
    <p class="MsoNormal"><b><span style="color: rgb(204, 85, 0); font-family: FranklinGothicDemiCondRegular, serif; font-size: 18pt;">About PICKER NEWS ETHICS BOARD - Code of Ethics<o:p></o:p></span></b></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">PREAMBLE<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The National Auctioneers Association is the professional organization for practicing auctioneers, their associates, affiliated businesses and other related professionals. Membership in the PICKER NEWS ETHICS BOARD although voluntary, carries with it a requirement of professional commitment to other professionals, Clients, customers and the public at large that extends beyond that of laws and professional regulations. Members of the PICKER NEWS ETHICS BOARD accept this obligation to conduct themselves and their businesses in a manner that serves the public interest, protects the public trust and furthers the goals of their profession.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">This Code of Ethics of the National Auctioneers Association and the accompanying Standards of Practice guides the Members in the performance of their professional responsibilities and duties. Complaints can be filed against PICKER NEWS ETHICS BOARD Members who do not adhere to the Code of Ethics and shall be handled in accordance with the procedures established by the Board of Directors.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 1.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members pledge to lawfully and ethically protect and promote the interests of the seller (from now on referred to as the Client).<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 2.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members owe the buyer (from now on referred to as the Customer) the duties of honesty, integrity and fair dealing at all times.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 3.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall not accept compensation related to a Client's matter from any third party, even if permitted by law, without the full knowledge of all the parties to the transaction.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 4.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall disclose any potential conflict of interest to a current or potential Client.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 5.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall not make a profit on expenditures made for a Client without the Client's prior and expressed consent.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 6.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall not engage in activities that constitute the unauthorized practice of law.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 7.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall maintain a separate and designated account in an appropriate financial institution to maintain monies coming into their possession in trust for other persons such as escrows or trust funds.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 8.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall not disclose any confidential Client information without the Client's prior, expressed consent, unless required by law.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 9.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall not misrepresent or conceal material facts.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 10.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members are duty bound at all times to abide by the laws and regulations which govern them.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 11.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall report violations of the Code of Ethics and participate in all investigations and disciplinary proceedings when requested.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 12.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A Member's conviction of a felony involving the Member acting as an auctioneer, or otherwise participating in an auction, shall be deemed a violation of the Code of Ethics and result in discipline determined by the Board of Directors.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 13.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">During the period that a Member owes an unpaid and unsatisfied civil, criminal, or regulatory cost, damage, fine, judgment, penalty, sanction, or other amount which was awarded, entered, levied, or ordered against the Member by an agency, authority, board, bureau, commission, court, department, or other arm of government shall result in the Member being in violation of the Code of Ethics and subject to discipline determined by the Board of Directors.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">ARTICLE 14.<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">A Member's auctioneer license is revoked by a licensing authority in any jurisdiction within the United States, for misconduct, wrongdoing, or another violation that occurred in connection with the Member acting as an auctioneer, or otherwise participating in an auction shall result in a Member being deemed in violation of the Code of Ethics and subject to discipline as determined by the Board of Directors.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">PROCEDURE FOR COMPLAINT OF THE CODE OF ETHICS<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Upon receipt of a written complaint alleging that a Member has violated the Code of Ethics, the Chief Executive Officer shall forward a copy of such written complaint to the accused Member and request that the accused Member provide a response in writing to such charges. The complainant and the written response shall be forwarded by the CEO to the Grievance Committee with the names of the complainant and accused Member redacted. The Grievance Committee shall thereafter undertake an investigation of the complaint and make a written report to the Board of Directors concerning said complaint. If there is a finding of no violation, the Member shall be notified.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">If the finding includes a recommendation to the Board of Directors stating that there is a reasonable cause to believe that such Member has engaged in conduct in violation of the Code of Ethics, the Member against whom the complaint has been made will be notified of that decision and afforded an opportunity to respond to the complaint including allowing the accused to appear before the Board of Directors and present evidence in support of the Member position with the right of the Member to hire and be represented by counsel at such or hearing.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The parties may introduce such documentary evidence and present such testimony of witnesses, sworn by the Past President, as the Board of Directors shall reasonably deem relevant to the issues and both sides of the controversy shall be accorded a full opportunity to be heard. At the conclusion of the hearing, the Board of Directors, as soon as it is practically possible, but not later than two (2) weeks thereafter, shall consider the evidence and render a written opinion and decision.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Should the Board of Directors find a violation of the Code of Ethics, the Board of Directors shall also determine the discipline to be assessed which may include private censure, public censure, suspension and/or revocation from Membership. The decision shall be conveyed to the Member by certified mail.<o:p></o:p></span></p>
    <p class="MsoNormal"><b><span style="color: rgb(32, 54, 118); text-transform: uppercase; font-family: FranklinGothicDemiRegular, serif; font-size: 10.5pt;">STANDARDS OF PRACTICE<o:p></o:p></span></b></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The following Standards of Practice are provided to encourage the highest standards of conduct among the Membership of National Auctioneers Association. These guidelines are a companion document to the Code of Ethics for the PICKER NEWS ETHICS BOARD. While the Standards of Practice may not be enforced with Membership sanctions, these guidelines should nonetheless be promoted, practiced and encouraged by PICKER NEWS ETHICS BOARD Members. Non-compliance of these guidelines should be self-policed by fellow PICKER NEWS ETHICS BOARD Members.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members must not build unreasonable expectations about the outcome of an auction in the mind of a potential Client in order to secure the Client's business.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members should conduct their business affairs so as to promote a positive image of their business and therefore the auction profession.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall provide customers with a clear understanding of all the terms and conditions of the auction. Prior to the auction, customers for real estate auctions should be provided a copy of the contract to be signed. Following the auction, customers for personal property auctions should be provided a written bill of sale.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">It is highly recommended that Members communicate terms and conditions of the sale in written form prior to the commencement of the bidding.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members should, to assure better service to the seller and to prevent misunderstandings, enter into written agreements or, at a minimum, clear oral agreements that set forth the specific terms and conditions of the engagement.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members have an obligation to conduct their business affairs in a professional manner, developing their contract forms with this Article in mind.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members should discuss all aspects of the services to be provided and include them in written form where appropriate including: duties and obligations of the parties; services provided by the Member; insurance coverage relating to liability, theft and casualty loss; use of a buyer's premium, if applicable; handling of funds received and controlled by the Member; sales tax, if applicable; and form of payment by buyers. Additionally, Members must provide the Client with a timely, detailed written accounting of the sale, which must include information concerning the handling and timely disposition of all funds received or controlled by the Member.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall provide the highest level of competent service in those fields in which Members are customarily engaged. This competency is attained by education, training, study, practice and experience. Competence also includes the wisdom to recognize the limitations of that knowledge and when to seek the counsel, assistance or Client referral appropriate for the circumstances.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">The concept of competency also extends to Members who are requested or required to travel to geographic areas where they do not have recent auction experience. Members not in a position to spend the necessary time in a market area to obtain the appropriate understanding of market conditions, may find affiliating with a qualified local auctioneer the appropriate response to ensure a competently conducted auction.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members must ascertain all pertinent facts necessary to implement a professional marketing campaign.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members should never publicly criticize a competitor using false or deceptive information. Where an opinion of a competitor's transaction is especially requested, it should be rendered in conformity with strict professional courtesy and dignity.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members shall not directly or indirectly solicit the affiliation of an employee or independent contractor in the organization of other Members without the prior notice to said Member.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">Members should willingly share with other Members the lessons learned through experience and study to better the profession, Members' business practices and how the profession is perceived by society. Members shall be loyal to the PICKER NEWS ETHICS BOARD; this includes active participation in educational, civic and charitable endeavors.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="color: rgb(74, 74, 74); font-family: Symbol; font-size: 10pt;">&middot;<span style="font-size: 7pt; font-family: 'Times New Roman';">&nbsp;</span></span><span style="color: rgb(74, 74, 74); font-family: Arial, sans-serif; font-size: 9pt;">In order for any professional organization to earn and maintain the confidence of the constituencies it serves, it must demonstrate to them the ability to &quot;police&quot; its own. Members have the unique ability to observe and therefore assist in the stewardship of this trust. Members have an obligation to assist the PICKER NEWS ETHICS BOARD and its officers in all matters, including the investigation, censure, discipline, or dismissal of Members who engage in violations of the Code of Ethics.<o:p></o:p></span></p>
    <p class="MsoNormal"><o:p>Q:[WILL WE USE CONSIGNMENT CONTRACTS OR LEGAL DOCUMENTS OF SOME SORT?]</o:p></p>
    <p class="MsoNormal"><o:p>A:[YES HERES A<span class="Apple-converted-space">&nbsp;</span><a href="http://www.pickernews.com/CONSIGNMENT%20AGREEMENT%20SAMPLE.docx" style="color: rgb(0, 51, 102);">SAMPLE</a></o:p></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">CONSIGNMENT AGREEMENT<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">This Consignment Agreement (this &quot;Agreement&quot;) is made effective as of ___________________,<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">between CONSIGNOR and Picker News Consignee, of XXXXXX, Montour falls, New York<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">14864.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">In the Agreement, the party who is granting the right to sell its merchandise will be referred to as<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">&quot;CONSIGNOR&quot;, and the other party who is receiving the right to sell the merchandise will be<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">referred to as &quot;PNC-NY&quot;.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">The parties agree as follows:<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">I. RIGHT TO SELL. CONSIGNOR owns contents of _____________________ w/PNC<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">Item # and Release Date (&quot;Agreed Items&quot;). In accordance with this Agreement, CONSIGNOR<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">grants PNC-NY an exclusive right to sell the Agreed Items under the terms of this Agreement.<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">This exclusive right to sell only applies to the following described territory: Area Code 607 in State<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">of New York PNC-NY agrees to devote its best efforts to the sale of the Agreed Items. All sales<o:p></o:p></span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">prices and terms of sale shall be determined by PNC-NY....AND SO FORTH ...ETC...</span></p>
    <p class="MsoNormal"><span style="line-height: 13px; font-size: 9pt;">ALL DOCUMENTS LEGAL AND AGREEMENTS VERBAL HAVE SIMILAR FORMAT AND LEGAL IN THE STATE YOU LIVE IN.<o:p></o:p></span></p>
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