Florida Regulations 61G2-5.005: Definitions Applying to Exemptions
Current as of: 2024 | Check for updates
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For the purpose of exemption from the requirements of Florida Statutes Chapter 468, Part VI, the following definitions apply:
(1) “”Auctions conducted by the owner or his attorney”” or “”auctions conducted by the trustee”” means that the owner or his attorney or the trustee actively participates and takes responsibility for all aspects of the auction, including any necessary contract negotiations, advertising, auction organization and layout, bid calling, merchandise distribution and receipt of sale proceeds.
(2) The phrase “”an auctioneer who specializes in the sale of livestock”” is a person with training or experience in the auction of livestock whose business primarily relates to livestock auctions and sales.
(3) The phrase “”conducted under the supervision of a livestock trade association or governmental agency”” means that the livestock trade association or governmental agency actively regulates by law, rules or by-laws of the association, the safe conduct of the auction, including the health of the livestock and the proper management of sale proceeds.
(4) The phrase “”auctions conducted as part of the sale of real property”” means that any property so auctioned is included in the bids and sale price of the real property.
(5) A charitable auction is one where all the merchandise is either owned by or donated to the organization that is conducting the auction and all proceeds are retained by said organization.
Rulemaking Authority Florida Statutes § 468.384(2). Law Implemented Florida Statutes § 468.383. History-New 5-6-87, Formerly 21BB-5.005, Amended 10-12-93.
Terms Used In Florida Regulations 61G2-5.005
- Contract: A legal written agreement that becomes binding when signed.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(2) The phrase “”an auctioneer who specializes in the sale of livestock”” is a person with training or experience in the auction of livestock whose business primarily relates to livestock auctions and sales.
(3) The phrase “”conducted under the supervision of a livestock trade association or governmental agency”” means that the livestock trade association or governmental agency actively regulates by law, rules or by-laws of the association, the safe conduct of the auction, including the health of the livestock and the proper management of sale proceeds.
(4) The phrase “”auctions conducted as part of the sale of real property”” means that any property so auctioned is included in the bids and sale price of the real property.
(5) A charitable auction is one where all the merchandise is either owned by or donated to the organization that is conducting the auction and all proceeds are retained by said organization.
Rulemaking Authority Florida Statutes § 468.384(2). Law Implemented Florida Statutes § 468.383. History-New 5-6-87, Formerly 21BB-5.005, Amended 10-12-93.