21 NCAC 04B .0103          DEFINITIONS

Whenever used in this Chapter:

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

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

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

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

(5)           "Course" shall mean the curriculum, instruction, and activities of schools of auctioneering subject to the rules of this Subchapter.

(6)           "Minimum Bid" shall mean minimum opening bids.

(7)           "Principal(s)" as it pertains to auction firms shall mean director(s), officer(s), owner(s), and partner(s).

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

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

Eff. November 1, 1984;

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

Readopted Eff. July 1, 2020.